Ethena Foundation announced four changes to the Ethena ecosystem, including repurchasing locked tokens held by early investors, further aligning token and equity value, launching a governance proposal for revenue-based ENA buybacks, and ending future monthly VC unlocks. The foundation said it has repurchased all locked tokens from several major seed investors that sold ENA over the past nine months. Ethena Foundation and Ethena Labs have also signed a master framework agreement under which protocol-generated intellectual property and value will belong exclusively to the foundation and be governed by ENA holders, while equity investors in the Labs entity will no longer be entitled to residual cash flows. A governance proposal to implement a fee switch is now live. Under the proposal, net revenue generated by all business lines under the Ethena brand would be used for programmatic ENA buybacks, following approval from the risk committee. The foundation also reached an agreement with major investors to eliminate future sell pressure from monthly VC token unlocks by releasing unvested tokens, while team tokens will remain locked under the original vesting schedule.