The Ethena Foundation, a nonprofit that contributes to Ethena governance, confirmed today that the activation of the synthetic dollar protocol’s fee switch is set to be proposed to governance.
The fee switch, first proposed by Wintermute in November, would redirect a portion of protocol fees to ENA holders now that the Risk Committees’s success metrics have been fulfilled.
These metrics, outlined in November, called for a circulating USDe supply of greater than $6 billion, cumulative protocol revenue of greater than $250 million, and USDe’s integration on four of the top five centralized exchanges ranked by derivatives volume.
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