The Fee Switch vote has passed, with 100% of votes in favour. The fee switch milestones are now activated and programmatic ENA buybacks will begin and scale higher as metrics and milestones are reached. Snapshot vote results linked in tweet below:

Building further on improving transparency for Ethena ecosystem stakeholders, Ethena is pleased to announce its participation in the Blockworks Token Transparency Framework. The standard covers entity structure, supply and vesting schedules, insider allocations, foundation agreements and protocol value retention. The filing can be viewed here:

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: 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:

From July 22 to July 25, 83 million ENA have been acquired across public venues under the buyback program initiated by an Ethena Foundation subsidiary, via third-party market makers. Periodic progress updates will be provided as the buybacks are executed.