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Following
ENA ENA Price Unlocked with Ethena Investors Facing New Structure
Ethena Revised Agreement Economic Framework
ENA Price, Ethena Investors Unlocked with New Structure
Ethena repurchased locked ENA tokens from several major seed investors to reduce future selling pressure. After the foundation accelerates the ownership schedule for remaining investors, monthly investor unlocking pressure may ease. There are still approximately 12% of locked and unattributed ENAs, covering team, ecosystem and foundation allocations.
Ethena revises the agreement's economic framework
Ethena has changed its economic framework to attribute agreement profits and future business value to foundations and ecosystems. A new ENA fee switching proposal has been launched, linking token buybacks to growth in USDe circulation supply. After reaching the first milestone, up to 95% of the net income of Ethena's three main business lines can be used for ENA repurchases.
Ethena has introduced new measures to reduce investor selling pressure and clarify how agreement revenue may support ENA prices. The Ethena Foundation said it has repurchased locked ENA tokens from several seed investors and accelerated the unlocking of remaining investors. The changes also involve agreement ownership, future cash flow, and a proposed ENA fee switch. Ethena said that as the supply of USDe grows, this structure will channel more economic value to foundations, ecosystems and token holders.
The foundation said it had purchased locked ENA through over-the-counter transactions in the past two weeks. These deals involve seed investors who initially received more than 0.25% of ENA's total supply. Ethena divided them based on whether these investors sold ENA after October 10. It purchased all remaining unattributed tokens from this group of sellers, except for one wallet that rejected the offer. Investors who did not sell ENA received an offer to repurchase the locked coins at full price, but no one accepted it. Ethena said that under the revised structure, monthly investor unlocks should no longer affect the market. Team tokens will continue to be executed in accordance with the original attribution rules. After the transaction is completed, approximately 12% of the locked and unattributed ENAs are still associated with team, ecosystem and foundation allocations.
The Foundation and Ethena Labs also signed a master framework agreement. Under the agreement, Ethena Labs will exclusively license key protocol intellectual property rights to the Ethena Foundation and its ecosystem. Ethena said residual profits, economic upside and any future business sales will go to the foundation and the ecosystem. Equity holders of Ethena Labs will not receive residual cash flow or profits from the agreement. Ethena also released a governance proposal to expand ENA fee switching capabilities. The program uses USDe supply milestones to determine how much agreement revenue will be used for ENA buybacks. Once the first milestone is reached, 95% of Erena's three core business lines 'net income will be used for ENA repurchases, with the remaining 5% used to support growth. Erena's goal is to bring USDe supply to more than $100 billion within five years. An implementation vote is online and the governance process will determine whether the proposal is advanced.
