The Ethena Foundation has approved a proposal from Wintermute to distribute a portion of the protocol's revenues among ENA tokenholders, potentially shifting the financial dynamics among participants.
Wintermute's Proposal
On November 6, Wintermute, a cryptocurrency market maker, proposed allocating a portion of Ethena's fee revenue to ENA stakers. According to the foundation's announcement on November 15, this mechanism was approved by the Risk Committee, with precise implementation parameters to be determined by November 30.
USDe System Features
In February, Ethena Labs launched the interest-earning stablecoin USDe, allowing users to mint using tokens such as Bitcoin and Ether. Since then, USDe's market supply has increased to nearly $3.2 billion.
ENA and USDe Innovations
Launched in April, the ENA token allowed for staking but lacked a clear value accrual mechanism. Users can now post USDe as collateral for trading, expanding the previously supported assets list, including BTC and ETH.
This move by Ethena and Wintermute signifies a shift toward a more integrated approach to tokenholders and DeFi protocol participants, potentially encouraging further growth and adaptation.
