$ENA Token Economy Gets Major Boost from Ethena Foundation Repurchases
The Ethena Foundation has made significant changes to the token economy and governance structure of the Ethena ecosystem. One major update is that they have repurchased all locked tokens sold by large early-stage investors over the past nine months.
This move aims to eliminate potential selling pressure from future token releases by these investors, who had conducted $ENA sales during this period.
The foundation has also signed a Master Framework Agreement with Ethena Labs, transferring ownership of intellectual property rights and economic value generated by the protocol to the Ethena Foundation. This value will be managed by $ENA token holders.
The governance proposal for the 'fee switch' mechanism has been opened to voting. If accepted, net revenues from all business lines operating under the Ethena brand will be used to programmatically purchase $ENA tokens and channel revenue back into the $ENA token economy.