Originally published on: November 15, 2024
Ethena Foundation recently approved Wintermute’s proposal to share a portion of the decentralized finance (DeFi) protocol’s revenues with tokenholders. Wintermute, a leading cryptocurrency market maker, put forward a plan on Nov. 6 to allocate a percentage of Ethena’s fee revenue to stakers of ENAENA, the platform’s native token.
In an exciting development, the Ethena Foundation confirmed the approval of the proposal for an $ENA fee switch by the Risk Committee, as announced in the governance forum on Nov. 15.
Wintermute’s strategic move comes on the heels of their initiative to accept Ethena’s USDe stablecoin as trading margin. Since its launch in February, USDe has gained immense popularity, with a circulating supply reaching almost $3.2 billion. Users can mint USDe against various tokens, including BitcoinBTC and EtherETH, among others, while Ethena leverages offchain financial derivatives to mitigate portfolio volatility.
Through Wintermute’s governance proposal, stakers can now benefit from Ethena’s significant revenue generation, aligning sENA holders with the protocol’s growth. Previously lacking a clear value accrual mechanism, sENA can now be staked for tangible rewards.
Furthermore, Wintermute has expanded its services by accepting USDe as collateral for spot crypto and derivatives trades. Clients can now use USDe for options, credit default swaps, forward, and spot trading, supplementing Wintermute’s existing array of accepted crypto collateral.
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