started · updated
Ethena Foundation announces major ENA tokenomics and governance overhaul
The Ethena Foundation has announced a major restructuring of its ecosystem, introducing four key changes to its tokenomics and governance. To reduce selling pressure, the Foundation has completed a buyout of locked ENA tokens from major seed investors who sold during the previous nine months. Additionally, the Foundation and lead investors have agreed to end monthly venture capital unlocks by accelerating the release of unvested tokens, though team vesting schedules remain unchanged.
A Master Framework Agreement between the Ethena Foundation and Ethena Labs will transfer intellectual property and protocol economic value exclusively to the Foundation, ensuring these assets are governed by ENA token holders rather than Labs equity investors.
Furthermore, a governance proposal is currently live to implement a “fee switch.” If approved, once the supply of the synthetic dollar USDe reaches a $7.5 billion milestone, 95% of the net revenue from Ethena’s core business lines will be used for programmatic ENA buybacks.
In a move to diversify revenue sources, Ethena also plans to expand its basis-trading strategy into equity perpetual futures, targeting yields potentially higher than those available from Bitcoin derivatives.
Entities
ENA · Ethena · Ethena Foundation · Ethena Labs · FalconX · Guy Young · USDe
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The Ethena Foundation published four separate changes to its token structure. ethnews.com
- [○ 1 SOURCE] A governance proposal suggests using 95% of net revenue for ENA buybacks once USDe circulation reaches $7.5 billion. www.spacemoney.com.br
- [● 2 SOURCES] Team token vesting schedules remain unchanged. www.spacemoney.com.br · ethnews.com
- [○ 1 SOURCE] The ENA token price saw significant weekly gains, rising over 60% in a seven-day period. ethnews.com
- [● 2 SOURCES] The Foundation bought out locked ENA from seed investors who sold tokens on the open market within the previous nine months. www.spacemoney.com.br · ethnews.com
- [○ 1 SOURCE] Ethena has a reported partnership with FalconX to establish a $1 billion secured warehouse lending facility.
- [○ 1 SOURCE] A Master Framework Agreement assigns protocol intellectual property and value accrual to the Foundation, removing cash flow claims from Ethena Labs equity investors. ethnews.com
- [● 2 SOURCES] Monthly venture capital token unlocks have been cancelled. www.spacemoney.com.br · ethnews.com