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the Ethena Foundation has announced four adjustments to the Ethena ecosystem, including repurchasing locked tokens held by early investors, further aligning token value with equity, initiating a governance proposal to repurchase ENA from revenue, and canceling future monthly VC investor unlocks.

The Ethena Foundation has stated that it has completed the repurchase of ENA tokens that were fully locked by some key seed round investors, who have sold ENA in the past 9 months.

Regarding the alignment of token value with equity, the Ethena Foundation and Ethena Labs have reached a Main Framework Agreement , which stipulates that the intellectual property and value generated by the agreement will be owned exclusively by the Foundation and governed by ENA holders, with equity investors in Labs entities no longer entitled to remaining cash flows.

In addition, a governance proposal for repurchasing ENA from revenue has been launched.

According to the proposal, the net revenue generated by all business lines under the Ethena brand will be used for programmatic buybacks of ENA, a proposal that has been approved by the Risk Committee.

The Ethena Foundation also stated that an agreement has been reached with key investors to eliminate the selling pressure from future VC investor monthly unlocks by releasing tokens that are not yet allocated.

Team tokens will continue to be locked according to the original vesting schedule.