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Following
ENA The Ethena Foundation announced four major updates to reshape the token economy and governance structure.
The Ethena Foundation recently issued an announcement revealing four key measures that may profoundly change the token economy model and governance structure of the Ethena ecosystem. Specific measures include: buying back locked tokens from some early large investors who have sold ENA in the past nine months; launching a "fee-switch" mechanism to use agreement revenue to buy back ENA; and alleviating the potential selling pressure caused by the unlocking of tokens from venture capital institutions in the future.
According to the foundation's statement, the Ethena Foundation has acquired all locked tokens held by certain large institutional investors who have conducted ENA sales of any size in the past nine months. The move aims to eliminate potential selling pressure that may arise from the unlocking of these investors 'tokens in the future.
Master Framework Agreement Signed: Intellectual Property and Economic Value Transfer Foundation
Another significant development for the Ethena ecosystem is the signing of the Master Framework Agreement between the Ethena Foundation and Ethena Labs. Under the agreement, ownership of the intellectual property rights of the agreement and the economic value generated by it will be fully transferred to the Ethena Foundation.
Under the new architecture, this part of the value will be managed by ENA token holders. The statement made it clear that Ethereum Labs shareholders will no longer have any permanent rights to the cash flow generated by the agreement. Therefore, the goal is to link the economic value of the agreement more directly to the token holders rather than to the company's shareholders.
The "fee switch" mechanism enters the voting stage
The Ethena Foundation also announced that governance proposals for the much-awaited "fee switch" mechanism are open to voting.
If the proposal is passed, the net income generated by all business lines under the Ethena brand will be used to procedurally purchase ENA tokens. As a result, the revenue from the agreement will be directly used to buy back ENA from the market.
This mechanism is seen as a major change that is expected to ensure that as the Ethena ecosystem grows, the revenue generated can flow back into the ENA token economy system.
Alleviate future selling pressure caused by VC token unlocking
The Ethena Foundation and the project's major investors have also reached an agreement on a new structure to alleviate possible selling pressure from monthly VC token unlocking in the future.
Accordingly, the architecture aims to eliminate the supply pressure that may be caused by regular venture capital lockups by releasing ununlocked tokens belonging to investors.
