Ethena Proposes Allocating All Net Revenue to ENA Buybacks

The Ethena Foundation has proposed a new framework that would direct all net revenue from its branded businesses towards ENA buybacks. The proposal, which was approved by the Risk Committee and is currently live on Snapshot, aims to allocate effectively 100% of net revenue towards purchasing ENA tokens.

According to the announcement, the Foundation has also acquired all remaining locked ENA tokens from major seed investors who sold their holdings during the previous nine months. However, the value and quantity of these tokens were not disclosed.

The proposal also includes a Master Framework Agreement that assigns protocol intellectual property and ownership of accrued value exclusively to the Ethena Foundation. This agreement will be governed by ENA holders, and Labs equity investors will retain no residual claim on protocol cash flow.