Part 7/11:
In November last year, Athena proposed a fee switch that would use part of its revenue to buy back ENA tokens. The success metrics to enable this included USDE’s circulating supply exceeding $6 billion, cumulative protocol revenue surpassing $250 million, and integration with top derivatives exchanges like Binance and OKX.
With these conditions met—confirmed by Athena’s team—the final step involves governance voting to activate the buyback program. If implemented, it could unlock up to $500 million worth of buybacks based on current valuation, potentially reducing circulating supply by around 12%. The incentive for ENA and staked ENA (S ENA) holders could be substantial, possibly driving the price toward $1 in the near term.