Ethena Buys Out All Locked Tokens from Seed Investors Who Sold ENA in Last 9 Months

Ethena Foundation has announced four major updates across the Ethena ecosystem: First, the Foundation executed a buyout of all locked tokens from certain major seed investors that sold any ENA within the last 9 months; second, the Foundation and Ethena Labs reached agreement on a Master Framework Agreement, whereby IP and ownership of value accrued by the protocol is assigned to the Foundation exclusively and governed by token holders with no residual cash flow due to equity investors in the Labs entity.

Third, a governance proposal is now live for the implementation of the fee switch, whereby net revenue accrued across all business lines under the Ethena brand will be used to programmatically buy back the ENA token; fourth, the Foundation and lead investors agreed to eliminate future overhang associated with monthly VC investor unlocks by releasing unvested tokens, while all team tokens remain locked per the original vesting schedules.