Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
ENA ENA rose 19% after Ethena's repurchase plan cuts venture capital share
The Ethena Foundation bought back locked tokens held by some seed-round investors who had previously sold ENA on the open market.
A new agreement strips Erena Labs equity investors of any claim on the agreement's cash flow.
An ongoing governance vote will use net income from all Ethena's business lines to buy back ENA.
Monthly venture capital unlocking has been cancelled, but team tokens are still unlocked as originally planned.
On Wednesday, the Ethena Foundation announced four separate changes to the token structure, which, taken together, are the most radical rewriting of the mainstream DeFi protocol ownership model this year. The foundation bought back all locked ENA belonging to certain major seed investors who had sold the token on the open market in the past nine months. The foundation signed a master framework agreement with Ethena Labs, attributing the intellectual property and cumulative value of the agreement only to foundations governed by token holders, without having to pay any remaining cash flow to Labs equity investors. It also opened a governance vote on activating fee switches and reached an agreement with major investors to completely cancel its monthly VC unlock program. The token responded immediately. ENA traded at US$0.1638, up 19.34% on the day and 61.53% in seven days, with a market value of US$1.61 billion.
01 ·Supply
Seed round repurchase: Buy back all locked ENAs from seed round supporters who have sold tokens within nine months.
02 ·Ownership
Main framework agreement: Intellectual property rights and value-added portions are transferred to the foundation. Labs equity no longer has cash flow claims.
03 ·Revenue
Fee switch voting: Net income from all business lines will be used to programmatic repurchase of ENA.
04 ·Unlock
Cancel unlock: Monthly VC unlock is cancelled. Team tokens continue to be unlocked as originally planned.
