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ENA The Ethena Foundation completes locked ENA repurchase and advances agreement ownership reform
The Ethena Foundation announced on August 27 that it has purchased all locked ENA tokens from major seed investors-who have sold the asset in the past nine months. This is part of the agreement's four reform measures on the ownership structure and token economy. Relevant plans have been clarified in an announcement issued by the foundation, including: transferring intellectual property rights under the agreement to the foundation, opening fee switching voting, and canceling monthly token unlocking arrangements linked to venture capital institutions.
Details of repurchase and restructuring
This repurchase is aimed at seed investors who have sold ENA at any point in the past nine months. The foundation will acquire its remaining locked coins rather than letting these positions continue to be released as originally planned. Under another master framework agreement, the foundation and Ethena Labs will exclusively transfer the intellectual property rights of the agreement and all accumulated value to the foundation, which will be governed by the token holders. The foundation said that under the new structure, equity investors in the Ethena Labs entity will no longer receive any remaining cash flow.
Fee switch and unlocking mechanism adjustment
A governance proposal has been launched to open a fee mechanism that will channel the net income of Ethena's business lines to ENA's programmatic repurchase. The foundation and major investors also agreed to release ununlocked tokens to eliminate future selling pressure caused by monthly unlocking of venture capital, while team tokens will remain locked according to the original unlocking schedule. These comprehensive adjustments are designed to reduce selling pressure and return value to token holders rather than early supporters. The announcement did not elaborate on the specific parameters of the proposal, including the proportion of revenue used for repurchase.
What it means for ENA holders
Prior to this announcement, Ethena had made a number of developments this summer, including reaching a US$1 billion guaranteed credit with FalconX to support USDe, and launching the ENA reference rate on the CME Group derivatives platform. ENA experienced large price fluctuations this summer, and the repurchase mechanism is designed to gradually relieve selling pressure. However, the repurchase and fee switch are still subject to governance approval, and the foundation has not disclosed the number of ENAs it purchases or the execution speed of any repurchase program, so the short-term market impact remains uncertain.
