@Mantle_Official $800M+ in assets and +54% YTD is impressive.
But the next question is:
How does this growth accrue value to $MNT holders?
Ethena is already moving toward revenue → $ENA buybacks.
Mantle has the assets, Treasury and ecosystem.
Now we need the value capture for $MNT.
@Mantle_Official Ethena is showing the market how protocol revenue can directly create value for token holders. When will Mantle do the same for $MNT?
@Mantle_Official
We need this for Mantle too.
Use ecosystem revenue to buy back and burn $MNT.
Mantle grows → revenue grows → $MNT holders benefit.
It’s time to give $MNT real value.
@Mantle_Official
We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below:
1. Buyout of early investors:
The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any ENA within the last 9 months.
2. Alignment of Token & Equity:
The Ethena Foundation and Ethena Labs have reached agreement on a Master Framework Agreement, whereby IP and ownership of value accrued by the protocol is assigned to the Foundation exclusively and governed by token holders with no residual cash flow due to equity investors in the Labs entity.
3. Revenue Buybacks:
Governance proposal now live for the implementation of the fee switch whereby net revenue accrued across all business lines under the Ethena brand will be used to programmatically buy back the ENA token.
The vote for revenue buyback fee switch implementation is now here, and has already been approved by the Risk Committee:
https://t.co/2urvkqlE6N
4. Removal of monthly VC unlocks:
The Ethena Foundation and lead investors have agreed to eliminate future overhang associated with monthly VC investor unlocks by releasing unvested tokens. All team tokens remain locked per the original vesting schedules.
Further details and documentation is provided in the blog linked below:
@sorilinda1233@Mantle_Official@nansen_ai They’ve been promising token buybacks and burns ever since the BIT DAO era, and we’re still waiting. Wake up, brothers. 😂
@Mantle_Official@nansen_ai The comment section is filled with criticism, yet Mantle’s leadership continues to ignore it all.
They said the interest earned from lending ETH to AVAX would be used to buy back and burn $MNT, but there’s still no update whatsoever. 😂