# ENA Fee Switch Activation

**URL:** <https://gov.ethenafoundation.com/t/ena-fee-switch-activation/830>\
**Category:** General\
**Tags:** risk-committee\
**Created:** [August 27, 2026, 1:59pm UTC](https://gov.ethenafoundation.com/t/ena-fee-switch-activation/830 "2026-08-27T13:59:31Z")\
**Posts on this page:** 1\
**Showing post:** 1

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**Author:** ![EthenaLabs\_Research](https://avatars.discourse-cdn.com/v4/letter/e/54ee81/32.png) [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\
**Post date:** [August 27, 2026, 1:59pm UTC](https://gov.ethenafoundation.com/t/ena-fee-switch-activation/830/1 "2026-08-27T13:59:31Z")

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In collaboration with the Ethena Risk Committee, we propose the following milestones for ENA fee switch activation. These milestones will be subject to an ENA tokenholder vote, which will follow immediately after this post.

For the avoidance of doubt, these milestones would replace any suggested parameters previously suggested by the Risk Committee.

Under the proposed schedule, the share of protocol revenue directed to ENA buybacks increases at each USDe circulating supply milestone, and is set intentionally to support aggressive growth back to the heights of 2025 at ~$15b of USDe supply. This is reflected in the “growth mode” categorization in the table below.

This balances the need to continue capturing the market opportunity we see ahead by growing USDe to \>$100b in the next 5 years with value accrual to the broader ecosystem.

The proposed milestones for ENA buybacks are listed in the below table:

 ![35 (1)](https://canada1.discourse-cdn.com/flex003/uploads/ethena/original/1X/6536cd49e9a83d2dec19f80f90bbcbd75d65ec73.jpeg)

Ethena currently has 3 core business lines:

i) Ethena USDe savings  
ii) Ethena Whitelabel stablecoins  
ii) Ethena [X] - launching next week

Once the first milestone laid out above is hit, 95% of the net revenue from each of these business lines - which is paid to the Ethena Foundation - would be directed to ENA buybacks. These accumulated buybacks will be tracked in our transparency dashboard here:

> **[Ethena](https://app.ethena.fi/dashboards/transparency)**
>
> Enabling Internet Money

The buyback rate schedule, the milestone thresholds and the buyback mechanics have all been signed off by the Risk Committee and are now live for vote and implementation.

The vote link will be posted in the replies of this post, as well as the supporting analysis by the Ethena Risk Committee. If the vote passes, ENA buybacks will begin when the above milestones are reached.

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_[View the full topic](https://gov.ethenafoundation.com/t/ena-fee-switch-activation/830)._