Ethena: Governance framework places protocol ownership under token-holder governance - 27 Aug 2026

Ethena Foundation and Ethena Labs announce a governance framework agreement that assigns protocol intellectual property and ownership of accrued value exclusively to the Ethena Foundation under token-holder governance.Under the framework, ENA token holders govern the entity that owns protocol value, rather than leaving residual value with equity investors. This changes where control and potential ecosystem value are assigned within Ethena's structure. The arrangement links token-holder governance to ownership of the protocol's intellectual property and accrued value, giving ENA holders a formal role over an entity that holds those interests.Its effect depends on how the governance framework is implemented and exercised, while the announcement establishes the ownership and governance allocation described by the Foundation and Labs.Further details are linked in the blog below: