Ethena announces four ecosystem adjustments: buying back early investor tokens and planning to use revenue to repurchase ENA
Odaily News: Stablecoin protocol Ethena has announced four ecosystem updates, including buying back some early investors' locked tokens, 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 the buyback of locked ENA tokens from some large seed-round investors who had previously sold ENA over the past 9 months.
At the same time, the Ethena Foundation and Ethena Labs have reached a master framework agreement, transferring the intellectual property and value generated by the protocol to the Foundation, which will be governed by ENA token holders, ensuring that the growth of the protocol's value does not generate residual cash flow that flows to Labs equity investors.
In addition, Ethena's governance proposal has been launched, planning to enable a "fee switch" to use the 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 continuous selling pressure by releasing unvested tokens; team tokens will still be executed according to the original lockup and vesting schedule. These adjustments aim to further strengthen the binding relationship between the ENA token and the protocol's value.
