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USDe stories

Aug 27, 2026

Ethena Foundation proposes fee switch routing 100% of net revenue to ENA buybacks

Ethena Foundation opened governance vote to route effectively all net protocol revenue to ENA token buybacks, contingent on USDe supply reaching approximately double current levels, while buying out seed investors who sold tokens.

Aug 27, 2026·7 sources

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Top claims

▪The proposed Master Framework Agreement between Ethena Labs and the Ethena Foundation is expected to be published in October 2026
▪The Ethena Foundation offered seed investors who had not sold any ENA since October 10, 2025 the option to sell their locked tokens at their original purchase price, but no investors accepted
▪One seed investor wallet declined the Ethena Foundation's buyout offer for locked ENA tokens, citing continued conviction in the Ethena protocol

Topics

Tokenomics Stablecoins DAOs & governance Token buybacks DeFi

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