Ethena (ENA) Price Surges 20% as Buyback Vote and VC Unlock Overhaul Boost Token Outlook

Ethena (ENA) has experienced a significant price surge as the protocol moves forward with a community vote on a token buyback program and a major overhaul of the vesting schedule for venture capital (VC) investors. The market has responded positively to these governance proposals, which are designed to reduce circulating supply and alleviate selling pressure from upcoming token unlocks. The buyback initiative, funded by protocol revenue, signals strong confidence in the project's long-term value, while the revised unlock schedule aims to create a more sustainable and less dilutive tokenomics model. This combination of supply-side reduction and improved investor sentiment has driven a sharp rally in the ENA token price, positioning it as one of the top performers in the current market session.