275 million ENA unlock on November 1: Ethena's buyback still needs $7.5 billion in USDe

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Context: 275,015,625 ENA leave the lock on November 1, roughly $56.9 million at today's price. The agreed buyback only kicks in at $7.5 billion of USDe supply, and $2.84 billion of that is missing.This much is documented: on November 1, 2026 the lock expires on 275,015,625 ENA. That is 1.83 percent of Ethena's total supply and 2.05 percent of the amount circulating today, worth roughly $56.9 million at the current price. The release lands in a market where the buyback mechanism agreed in the summer is not yet working, because the threshold it requires on the circulating supply of the dollar token USDe is being missed by a wide margin. Our own reading follows further down in its own section. Ethena runs a synthetic dollar in USDe that holds its value through a hedged position of crypto holdings and offsetting trades on the futures market rather than through bank deposits. ENA is the governance token of that system: holding it gives you a vote on the rules but no claim on the doll...