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Ethena Foundation seeks vote to route net revenue into ENA buybacks
The proposal would also establish that Ethena protocol intellectual property and value accrue exclusively to the Foundation, with monthly venture-investor unlocks removed going forward.
Ethena’s Foundation has opened a governance vote on whether to direct all net revenue generated across Ethena-branded businesses into programmatic ENA buybacks, according to The Defiant. If approved, the “fee switch” would use effectively 100% of that net revenue for ENA purchases.
The vote is live on Snapshot as of Thursday, Aug. 27, after approval by Ethena’s Risk Committee, though the Foundation did not disclose a closing date. In a separate statement, the Foundation also said it bought all remaining locked ENA from certain major seed investors that sold the token during the previous nine months, without naming investors, token amounts, purchase value, or buyout price.
The Foundation and Ethena Labs also agreed to a Master Framework Agreement that assigns protocol intellectual property and ownership of value accrued by the protocol exclusively to the Foundation. The announcement says those assets would be governed by ENA holders, and that Labs equity investors would retain no residual claim on protocol cash flow, changing how the token’s relationship to the development company is described.
Ethena’s token-transparency filing describes Labs as a Portuguese services company to the Foundation and its operating subsidiary, and it says Labs holds no membership or ownership interest in the Foundation, cannot appoint or remove directors, and does not direct Foundation decisions. The filing also notes that, as of a March 2026 update, USDe fees were routed 54.6% to sUSDe rewards, 27.9% to partner rewards, and 17.5% to an Aave leverage program, while the Foundation and lead investors agreed to remove future monthly venture-investor unlocks by releasing unvested investor tokens, leaving team tokens subject to their original schedules.