PANews reported on September 9 that according to Coindesk, the governance token ENA of the decentralized financial protocol Ethena rose sharply on Tuesday, hitting its strongest trend since late January, because the protocol took an important step in activating the fee switch mechanism, which will share the protocol revenue with token holders. Listing the token on the leading exchange Binance is a key requirement for Ethena to enable the fee switch mechanism (that is, sharing the protocol profits with ENA token holders). Token Terminal data shows that the protocol generated US$54 million in revenue last month, and its total revenue has exceeded US$480 million since its launch at the end of 2023. Arthur Hayes, co-founder of BitMEX and a well-known Ethena investor, said: "With the listing of USDe on Binance, the ENA fee switch mechanism will be activated. This will unlock US$500 million in repurchase funds."

Coingecko data shows that the price of ENA token is currently $0.8281, with a 24-hour increase of 7% and a 7-day increase of 18.5%.