Odaily Planet Daily reports: The stablecoin protocol Ethena has announced four ecosystem updates, including repurchasing a portion of the locked tokens from early investors, adjusting the relationship between tokens and equity, launching an income buyback mechanism, and eliminating monthly VC unlocks.
The Ethena Foundation stated that it has completed the repurchase of locked ENA tokens from certain large seed-round investors who sold ENA over the past nine months.
Meanwhile, the Ethena Foundation has entered into a master framework agreement with Ethena Labs to transfer ownership of all intellectual property and value generated by the protocol to the Foundation, governed by ENA token holders, ensuring that any value growth from the protocol does not result in residual cash flows flowing to Labs’ equity investors.
Additionally, the Ethena governance proposal to enable the "fee switch" has gone live, aiming to use net revenues generated by Ethena’s various business lines to programmatically repurchase ENA tokens; the proposal has been approved by the Risk Committee.
Ethena also announced the cancellation of the monthly unlocking schedule for future VC investors, eliminating market concerns about ongoing selling pressure by releasing unvested tokens; team tokens will still follow the originally scheduled lock-up and vesting plan. This adjustment aims to further strengthen the alignment between the ENA token and the protocol's value.