ENA jumped roughly 16–23% intraday to around $0.17 and extended a multi-day advance after the Ethena Foundation’s August 27 tokenomics package and a live fee-switch vote closing September 2. The centerpiece would activate automated open-market ENA buybacks once USDe circulating supply reaches $7.5 billion, channeling 95% of net protocol revenue into purchases; at that threshold the Foundation estimates about $22.5 million in annualized buyback capacity assuming a 6% APY on underlying positions, with larger supply tiers scaling the program. USDe currently sits near $4–$4.6 billion, so the trigger still requires roughly 85% supply growth and would represent only about half the roughly $15 billion peak reached in October 2025. The same package includes OTC buyouts of locked ENA from seed investors above 0.25% of supply who sold after the October 10, 2025 peak, consolidation of remaining investor unlocks into a single October 5, 2026 release while team tokens stay locked, and an in-principle shift of protocol IP and economic benefits to the Foundation. Routing nearly all net revenue to buybacks would reduce USDe yield distributions that have drawn stablecoin holders, and buyback size remains tied to the basis-trade and funding-rate engine behind USDe, which can compress when markets cool.