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:
@edwardmorra_btc I think the left-curve approach to ethena is the right one:
perp volume increasing = more USDe demand
more USDe demand = more protocol revenue
34 billion tokens processed in a single day on AkashML.
To think that we're able to achieve this scale on the decentralized cloud is all the proof that you need @akashnet is enterprise ready.
if you disconnect from the fear of timing an exact bottom, imo you'll long term be happy w/ these entries:
1) SOL at $85
2) ENA at $.10
3) HYPE at $25
4) BTC at $65k
worst trick the devil played was making you all think timing tops/bottoms is a must. money is made in the middle