Ethena's new fee switch plans tiered ENA buybacks based on USDe supply

PANews reported on August 28 that Messari researcher anastasiia stated that Ethena's new fee switch is proposed to use the 14-day average supply of USDe as the trigger basis, gradually increasing the revenue extraction ratio at thresholds of 7.5 billion, 10 billion, 15 billion, and 20 billion dollars, and redirecting part of the revenue originally used for sUSDe staking, partners, and Aave leverage business toward ENA buybacks. Backtesting shows that during the periods when the switch was active, the annualized buyback scale was approximately $52.7 million, equivalent to 3.36% of ENA's market cap at the reported price; at the same time, on about 9.3% of activation days, the sUSDe yield would be lower than sUSDS.

Yesterday's report: The Ethena Foundation announced four ecosystem adjustments, including launching an ENA buyback governance proposal and canceling monthly VC unlocks.