Ethena Foundation has opened a governance vote on Snapshot to direct all net revenue generated across Ethena-branded businesses into programmatic ENA buybacks.
If approved, the fee switch would use effectively 100% of that net revenue to purchase ENA, according to the Foundation.
The proposal went live on Thursday, Aug. 27, after receiving approval from Ethena’s Risk Committee. The Foundation’s announcement did not say when the vote will close.
Foundation says it bought remaining locked ENA from some seed investors
The Foundation also said it bought all remaining locked ENA from certain major seed investors that sold the token during the previous nine months.
The announcement did not identify those investors. It also did not disclose the number of tokens involved, the value of the purchases, or the buyout price, leaving the immediate reduction in future investor supply unquantified.
Protocol value and intellectual property assigned to the Foundation
Ethena Labs and the Foundation also agreed to a Master Framework Agreement that assigns protocol intellectual property and ownership of value accrued by the protocol exclusively to the Foundation.
The Foundation said those assets would be governed by ENA holders, and that equity investors in Ethena Labs would retain no residual claim on protocol cash flow.
That setup changes the previously disclosed relationship between the token and the development company. Ethena’s token-transparency filing describes Labs as a Portuguese company that provides services to the Foundation and its operating subsidiary.
The filing also says Labs holds no membership or ownership interest in the Foundation, cannot appoint or remove its directors, and does not direct Foundation decisions.
What the transparency filing says about revenue distribution
The filing states that ENA holders do not have a contractual or programmatic right to protocol revenue distributions or treasury assets, although future revenue allocation falls within the scope of ENA governance.
It also disclosed that, as of a March 2026 update, USDe fees were routed 54.6% to sUSDe rewards, 27.9% to partner rewards, and 17.5% to an Aave leverage program.
Future venture-investor unlocks to be removed
Separately, the Foundation said it and lead investors agreed to remove future monthly venture-investor unlocks by releasing unvested investor tokens, while team tokens will remain subject to their original schedules.
Ethena’s initial allocation assigned 25% of ENA’s fixed supply of 15 billion tokens to investors, or 3.75 billion ENA. Those tokens were subject to a one-year cliff followed by monthly vesting over three years.
As of the announcement, the Snapshot vote was live and had already received Risk Committee approval.