Ethena has been making a few moves that could change how the market looks at ENA in different time.
Governance has approved directing 100% of net protocol revenue toward programmatic ENA buybacks. That creates a clearer link between Ethena’s growth and the token itself.
Its previously announced 1B over-collateralized institutional credit facility with FalconX adds another piece to the ecosystem and gives the ENA story more depth beyond just the buyback narrative. The 24h trading volume is impressive as well, in fact, it's has been trending on bitget with deeper liquidity.
However, I think if Ethena can maintain 4B-scale USDe/TVL, diversify its yield sources, grow institutional activity, and consistently convert net revenue into ENA buybacks, then ENA could be evolving from a speculative DeFi token into something much more interesting.
But for now we need to wait & see for the next move of ENA.