The Ethena Foundation opened a governance vote to direct all net revenue generated across Ethena-branded businesses into programmatic ENA buybacks. If approved, the fee switch would use effectively 100% of that net revenue for ENA purchases.
The proposal was live on Snapshot on Thursday, Aug. 27, after approval by Ethena’s Risk Committee, according to the Foundation. The Foundation’s announcement did not state the vote’s closing date.
The Foundation also said it had bought all remaining locked ENA from certain major seed investors that sold the token during the previous nine months. The announcement did not identify the investors, quantify the tokens or purchase value, or disclose the buyout price, leaving the immediate reduction in future investor supply unquantified.
Ethena Labs and the Foundation also reached agreement on a Master Framework Agreement assigning protocol intellectual property and ownership of value accrued by the protocol exclusively to the Foundation, according to the announcement. The Foundation said those assets would be governed by ENA holders and that Labs equity investors would retain no residual claim on protocol cash flow.
That arrangement changes the disclosed relationship between the token and the development company. Ethena’s token-transparency filing describes Labs as a Portuguese company that provides services to the Foundation and its operating subsidiary. It also says Labs holds no membership or ownership interest in the Foundation, cannot appoint or remove its directors, and does not direct Foundation decisions.
