Ethena has proposed allocating 95% of net revenue from its branded businesses to programmatic ENA purchases once USDe supply reaches $7.5 billion. The remaining 5% would fund ecosystem growth, with buybacks increasing at additional USDe supply milestones. The proposal also seeks to end monthly releases of original venture investor tokens, while team allocations retain their existing vesting schedules. The Ethena Foundation has purchased locked ENA from certain large seed investors who had been selling during the previous nine months and plans to accelerate the remaining original investor unlocks. ENA rose about 23% in 24 hours to around $0.17 and has roughly doubled in a little more than a week. USDe supply remains below $5 billion, down from nearly $15 billion in October. Ethena is pursuing institutional credit and distribution partnerships, including arrangements involving FalconX, Coinbase, Janus Henderson, Securitize and BlackRock, to diversify beyond crypto derivatives funding rates. A separate agreement in principle would place substantially all material intellectual property and economic upside associated with the protocol with the Ethena Foundation and ecosystem rather than Ethena Labs shareholders; the parties expect to publish the agreement in October.