Ethena Foundation said on Aug. 27 that it is rolling out four changes to the Ethena ecosystem, covering buybacks of locked tokens held by early investors, closer alignment between token and equity value, a governance proposal to repurchase ENA with revenue, and the removal of future monthly unlocks for VC investors.
Foundation says it bought locked ENA from some seed investors
According to the foundation, it has completed the purchase of all locked ENA held by some major seed-round investors. Those investors had sold ENA during the past nine months.
Master framework agreement signed with Ethena Labs
On the token-equity alignment plan, Ethena Foundation said it has entered into a Master Framework Agreement with Ethena Labs. Under the agreement, the intellectual property generated by the protocol and the value associated with it 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-funded ENA buyback proposal is live
The foundation also said a governance proposal to buy back ENA with revenue is now live. Under the proposal, net revenue generated by all Ethena-branded business lines will be used for programmatic ENA repurchases. The proposal has been approved by the risk committee.
Future monthly VC unlocks will be removed
Ethena Foundation added that it has reached an agreement with major investors to remove future sell pressure tied to monthly VC investor unlocks by releasing tokens that have not yet vested. Team tokens will remain locked under the original vesting schedule.