Ethena Seeks to Redirect Net Revenue Towards ENA Buybacks

Ethena's proposed framework would allocate all net revenue from its branded businesses towards buying back ENA tokens. This move comes after approval by Ethena's Risk Committee and a live vote on Snapshot, which has no closing date.

The Ethena Foundation also announced that it had purchased all remaining locked ENA tokens from certain major seed investors who sold them over the previous nine months. The exact number of tokens and purchase value remain undisclosed.

A new Master Framework Agreement assigns protocol intellectual property and ownership of accrued value to the Ethena Foundation, which will be governed by ENA holders. This move changes the relationship between the token and development company Ethena Labs, with no residual claim on protocol cash flow for Labs' equity investors.