Crypto
Ethena Cuts Ties with Seed Investors, Concentrates Value Accrual in ENA
Ethena has made significant changes to its ownership structure and investor unlocks in an effort to concentrate value accrual within the ENA token.
The Ethena Foundation completed a buyout of locked tokens from major seed investors who sold ENA over the last nine months, effectively eliminating VC unlocks for these investors.
A new Master Framework Agreement with Ethena Labs ensures that all protocol IP and ownership of value accrued by the protocol belong exclusively to the Foundation and will be governed by ENA holders, with no residual cash flow going to equity investors in Labs.