Ethena Foundation Implements Ecosystem Changes Amid Concerns Over Token Unlocks
Ethena Foundation has announced four key updates to its ecosystem in response to concerns over investor token unlocks and the distribution of protocol value.
The foundation, which supports the 'synthetic dollar' protocol behind USDe, acquired all locked tokens from certain major seed investors who had sold ENA over the past nine months. The purchases were made through over-the-counter transactions during the past two weeks.
Ethena Foundation considered investors who were originally allocated more than 0.25% of ENA's total supply and divided them into those who had sold at least one token since the market peaked on Oct. 10, 2025, and those who had not sold any tokens during that period.
The foundation bought all unvested tokens from investors who had sold, except for one wallet that declined the offer. This move effectively eliminates the possibility of these investors selling their locked tokens in the future.