Originally published on: November 15, 2024
Wintermute’s proposal to share a portion of Ethena’s fee revenue with tokenholders has been approved by the Ethena Foundation. This move aims to provide more value to stakers of ENAENA, Ethena’s native token.
According to the governance forum on Nov. 15, the Risk Committee of the Ethena Foundation approved the proposal for an $ENA fee switch, allowing tokenholders to benefit from the protocol’s revenues.
Ethena Labs introduced USDe, an interest-earning stablecoin, earlier this year. Users can mint USDe against various tokens, and Ethena hedges against the portfolio’s volatility using off-chain financial derivatives.
Since its launch, USDe’s circulating supply has reached nearly $3.2 billion, demonstrating the stablecoin’s growing popularity in the market.
With the introduction of Wintermute’s governance proposal, stakers of ENA now have a clear value accrual mechanism through sENA. This aligns the interests of tokenholders with the growth of the protocol.
Wintermute has also expanded its services to accept USDe as collateral for spot crypto and derivatives trades. Clients can now use USDe along with other cryptocurrencies as collateral for various trading options.
As regulatory agencies increase their focus on crypto-related crime, initiatives like Ethena’s revenue-sharing proposal provide transparency and added value to tokenholders. Stay updated on the latest developments in DeFi and financial opportunities by subscribing to the Finance Redefined newsletter. Get sharp analysis and insights delivered every Friday to help you make informed decisions with confidence. Subscribe now to unlock new possibilities in the world of finance.
