Ethena announces four ecosystem adjustments: buyback of early investor tokens and plans to use revenue to repurchase ENA

Odaily News, stablecoin protocol Ethena has announced four ecosystem updates, including buying back some locked tokens from early investors, adjusting the relationship between tokens and equity, launching a revenue buyback mechanism, and canceling VC monthly unlocks.

The Ethena Foundation stated that it has completed buybacks of locked ENA tokens from certain large seed round investors who had sold ENA over the past nine months.

At the same time, the Ethena Foundation has entered into a master framework agreement with Ethena Labs, transferring the intellectual property and value generated by the protocol to the Foundation, governed by ENA token holders, ensuring that protocol value growth does not result in residual cash flows flowing to Labs equity investors.

In addition, an Ethena governance proposal has been launched to enable a "fee switch" that would use net income generated from various business lines under the Ethena brand for programmatic buybacks of ENA tokens. The proposal has been approved by the Risk Committee.

Ethena also announced the cancellation of monthly unlock arrangements for future VC investors, eliminating market concerns about sustained sell pressure by releasing unvested tokens; team tokens will still follow the original lock-up and vesting schedule. These adjustments are aimed at further strengthening the binding relationship between ENA tokens and protocol value.