Ethena Foundation and Ethena Labs announced changes to ENA tokenomics, protocol ownership and USDe’s backing strategy. The foundation acquired certain early investors’ unvested ENA through over-the-counter transactions, will end monthly venture-capital unlocks, and is proposing that 95% of qualifying net revenue fund ENA buybacks after USDe reaches a $7.5 billion supply milestone. Separately, Ethena plans to apply its basis-trading strategy to equity and commodity perpetual futures, seeking to diversify revenue as crypto funding rates weaken. Equity perpetual open interest reached approximately $6.2 billion by August 11, while Ethena said real-world-asset perpetuals could exceed crypto derivatives in USDe backing within 12 to 24 months.