The Ethena Foundation announced four changes to the ENA ecosystem: it bought out early seed investors, eliminated future monthly VC unlocks, assigned all protocol value to the Foundation, and opened a governance vote on revenue buybacks.

The buyout covered all locked tokens held by major seed investors who had sold any ENA over the past 9 months, while scrapping the monthly VC unlocks releases the remaining unvested investor overhang. All team tokens stay locked on their original vesting schedules.

A Master Framework Agreement between the Foundation and Ethena Labs assigns the protocol's IP and accrued value to the Foundation, governed by token holders, with no residual cash flow owed to Labs equity investors. Separately, a proposal already cleared by the Risk Committee would flip a fee switch so net revenue across every Ethena business line programmatically buys back ENA.

Together the moves tie ENA's value directly to protocol revenue and strip out the investor supply overhang that has weighed on the token, shifting control and cash flows toward holders. The buyback vote is live now on Snapshot.

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