Ethena Foundation announced four changes to the Ethena ecosystem, including repurchasing locked tokens held by early investors, aligning token and equity value more closely, launching a governance proposal to use revenue for ENA buybacks, and ending future monthly unlocks for VC investors. According to Foresight News, the foundation said it has completed the purchase of all locked ENA tokens held by some major seed investors, who had sold ENA over the past nine months.

Ethena Foundation and Ethena Labs have reached a master framework agreement that assigns intellectual property and related value generated by the protocol exclusively to the foundation, with governance controlled by ENA holders. Under the agreement, equity investors in the Labs entity will no longer receive residual cash flow. The revenue-based ENA buyback proposal is now live and has been approved by the risk committee.

The foundation also said it has reached an agreement with major investors to eliminate future selling pressure from monthly VC unlocks by releasing tokens that have not yet vested. Team tokens will remain locked under the original vesting schedule.