Ethena is bouncing – And a $1B buyback could send it to $0.30

Ethena [ENA] is among the most widely used DeFi protocols, providing liquidity through its USDe stablecoin. Over the past 24 hours, the altcoin has grown by over 7%, that is, from $0.18 to $0.20. Its daily trading volume is in excess of $405 million. However, ENA has started to face rejection, despite some analysts projecting an upside potential. Understanding Ethena's fundamentals Recently, Lark Davies announced he had bought a bag of Ethena tokens after conducting detailed research. The analyst cited that Ethena had generated over $1 billion in real fees and not emissions or printed tokens. This was actual revenue, and almost none of that had gone to the people holding ENA tokens. But that was about to change, as these fees would fund a buyback mechanism.

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