Ethena Foundation has confirmed that the necessary parameters for activating the revenue-sharing mechanism have been met, awaiting approval from the Risk Committee and governance vote by ENA token holders.
Activation Process of Revenue Sharing Mechanism
A key event was the confirmation from the Ethena Foundation that the protocol has met the parameters for activating the revenue-sharing mechanism set by the Risk Committee. However, final implementation requires approval from the committee and a vote by token holders. This event marks a significant step for ENA token holders who have anticipated the mechanism since its initial proposal. The Risk Committee continues discussions on implementation details, which will be published upon completion.
Binance Integration Strengthens Ethena Ecosystem
On September 9, Binance announced the integration of USDe on its platform, marking an important step for validating the stablecoin product of the Ethena Foundation. Ethena Labs founder Guy Young described this partnership as crucial for dollar asset distribution. The integration includes USDe futures margin collateral on Binance's derivatives platform, USDe spot trading pairs, and direct integration into the Binance Earn program. Additional features are expected to launch in the coming weeks.
Strategic Initiatives Drive Protocol Growth
The Ethena Foundation announced on September 8 the development of MegaUSD, a new stablecoin built on the MegaETH blockchain. This new stablecoin will be backed by USDtb reserves primarily held in BlackRock BUIDL. It will function as MegaETH's native stablecoin, supporting major applications on the blockchain. Additionally, Ethena subsidiary StablecoinX Inc. announced a further capital raise of $530 million as part of its ENA accumulation strategy.
The upcoming governance vote will determine the final implementation parameters of the revenue-sharing mechanism. This vote is pivotal for the future direction of the Ethena ecosystem, as approval would establish ENA as a revenue-generating asset for holders.
