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2d ago

Ethena’s ENA Hits 7-Month High as Binance Lists USDe, Paving Way for Fee Switch

The listing clears a key hurdle to activating Ethena’s revenue‑sharing switch for ENA holders.

Ethena's ena rallies to 7 month high on binance listing fueling $500m buyback hopes
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Overview

  • Binance confirmed trading for USDe with USDE/USDC and USDE/USDT pairs going live on September 9 and withdrawals opening the next day.
  • ENA climbed to about $0.87 for its strongest level since late January, up roughly 8.3% on the day and more than 20% over the past week.
  • Listing USDe on major exchanges is cited by the project as a prerequisite to enable the fee switch that would distribute protocol revenue to ENA holders.
  • Arthur Hayes said the Binance move would turn on the fee switch and could unlock up to $500 million in buybacks, a claim not formally confirmed by the protocol.
  • Token Terminal data show Ethena generated about $54 million in revenue over the last month and more than $480 million since launch, with USDe supply near $13 billion and staking yields around 6.5%.