The Ethena Foundation is launching a ENA buyback of 95% of the protocol's revenue and is repurchasing tokens from investors.

The Foundation has bought back all unvested tokens from major seed investors who have been selling ENA over the past 9 months (with the exception of one wallet that refused to sell)—this removes the burden of future monthly VC unlocks. The team’s tokens remain subject to their original vesting schedule.

In addition, Ethena Labs and the Foundation have reached a preliminary agreement on a Master Framework Agreement: all intellectual property and economic value of the protocol will be vested in the Foundation and the ecosystem, rather than in Ethena Labs shareholders—the document is expected to be published in October.

- A fee switch has been put to a vote: 95% of net revenue from all of Ethena’s business lines (USDe savings, white-label stablecoins, and Ethena X, launching next week) will go toward a programmatic buyback of ENA
- The share of revenue allocated to buybacks increases as the USDe supply grows—our goal is to reach a supply of approximately $15 billion and then grow beyond $100 billion within 5 years

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