Ethena Details Four Ecosystem Moves: Early-Investor Token Repurchases, Governance "Fee Switch", and VC Unlock Halt

Ethena, the stablecoin protocol, has unveiled four ecosystem changes covering token repurchases, governance and revenue use, and updates to investor unlock terms. First, the Ethena Foundation said it has already repurchased a portion of locked ENA from certain large seed-round investors who sold ENA over the last nine months. Second, the Foundation disclosed it has signed a master framework agreement with Ethena Labs that transfers ownership of all intellectual property and protocol-generated value to the Foundation, which is governed by ENA holders. The stated goal is to ensure any protocol value accretion does not translate into residual cash flows to Labs' equity investors. Third, a governance proposal to activate the "fee switch" is now live. It would direct net revenue across Ethena's business lines to an automated ENA buyback program. The proposal has been approved by the Risk Committee. Finally, Ethena said it is canceling the monthly token unlock schedule for future VC investors to remove market concerns about ongoing sell pressure from newly released, unvested tokens. Team tokens will continue to follow the original lockup and vesting timeline. Ethena said the package is intended to tighten alignment between the ENA token and the protocol's underlying value.