[Ethena Fee Switch Proposal Unanimously Approved, Programmatic ENA Buyback Set to Launch] The Ethena Foundation has announced that the fee switch proposal has been unanimously approved. The relevant conditions have now been activated, and the programmatic ENA buyback will commence, gradually scaling up as metrics and milestones are achieved. As previously reported on August 28, the new Ethena fee switch is designed to trigger ENA buybacks based on USDe supply tiers. Backtesting indicates that during the activation period of the switch, the annualized buyback scale is approximately $52.7 million, equivalent to 3.36% of ENA's market value at the reported price.