Ethena Puts All Net Revenue into ENA Buybacks

The Ethena Foundation has proposed a governance vote to direct all net revenue from its branded businesses into ENA buybacks. The vote went live on Snapshot, with no closing date specified by the foundation.

The framework agreement between Ethena Labs and the foundation assigns protocol intellectual property and ownership of accrued value exclusively to the foundation, governed by ENA holders. This means that equity investors in Labs will have no residual claim on protocol cash flow.

ENA rose 21.9% to $0.1669 after the announcement, its biggest one-day move among the top 150 tokens. Ethena generates annualized fees of $310 million, with $5.3 million reaching the protocol as revenue.