The Ethena Foundation launched a governance vote to redirect all net revenue generated across Ethena-branded businesses into programmatic ENA token buybacks. The foundation also disclosed having acquired all remaining locked ENA tokens from certain major seed investors without identifying them or quantifying the purchase. Labs and the foundation reached a Master Framework Agreement assigning protocol intellectual property and all accrued assets exclusively to the foundation, stripping Labs equity investors of any residual claim on protocol cash flows. As of March 2026, USDe fees were allocated 54.6% to sUSDe rewards, 27.9% to partner rewards, and 17.5% to the Aave leverage program. Ethena’s initial allocation distributed 25% of the fixed 15 billion token supply to investors with a one-year cliff followed by three-year monthly vesting.
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