Ethena Foundation has announced four changes to the Ethena ecosystem: buybacks of locked tokens held by early investors, a new framework to align token and equity value, a governance proposal to use revenue for ENA buybacks, and the cancellation of future monthly unlocks for VC investors.
Locked ENA from some seed investors has already been acquired
The foundation said it has completed the purchase of all locked ENA held by some major seed-round investors. According to the statement, those investors had sold ENA over the past nine months.
Foundation and Labs sign value-alignment framework
On the token-versus-equity structure, Ethena Foundation and Ethena Labs said they had entered into a Master Framework Agreement. Under the agreement, the intellectual property and value generated by the protocol will belong exclusively to the foundation and will be governed by ENA holders. Equity investors in the Labs entity will no longer be entitled to residual cash flow.
Revenue buyback proposal for ENA is now live
The foundation also said a governance proposal to repurchase ENA using revenue has gone live. Under the proposal, net revenue generated by all business lines under the Ethena brand will be used for programmatic ENA buybacks. The proposal has already been approved by the risk committee, according to the statement.
Future monthly VC unlocks will be removed
Ethena Foundation said it had also reached an agreement with major investors to remove the sell pressure associated with future monthly VC unlocks by releasing tokens that had not yet vested. Team tokens will remain locked under the original vesting schedule.