Arthur Hayes: Listing on Binance helps Ethena activate the fee switch, and is expected to unlock $500 million for buybacks.

PANews, September 9 - According to Coindesk, the governance token ENA of the decentralized finance protocol Ethena surged significantly on Tuesday, marking its strongest performance since late January. This was due to the protocol making an important step in activating the fee switch mechanism, which will share the protocol's revenue with token holders. Listing the token on the leading exchange Binance is a key requirement for Ethena to enable the fee switch mechanism (i.e., sharing protocol profits with ENA token holders). Token Terminal data shows that the protocol's revenue reached $54 million last month, and total revenue has exceeded $480 million since its launch at the end of 2023. Arthur Hayes, co-founder of BitMEX and a prominent investor in Ethena, stated: “With Binance listing USDe, the ENA fee switch mechanism will be activated. This will unlock $500 million for buybacks.” According to Coingecko, the price of ENA token is currently reported at 0.8281 USD, with a 24-hour rise of 7% and a 7-day rise of 18.5%.