According to the Wintermute management forum, the Ethena Foundation has approved Wintermute's proposal to share part of the revenue of the #decentralizedfinance Protocol (DeFi) with token holders.
On November 6, Wintermute, a cryptocurrency market maker, offered to allocate a portion of Ethena's revenue from commissions to the stake holders of its own Ethena token (ENA).
"The Ethena Foundation is pleased to announce that the proposal to enable the switching of $ENA
commissions has been approved by the Risk Committee," the management forum said in a statement on November 15.
"The Fund will work with the Risk Committee to crystallize the parameters for activating commission switching by November 30, followed by precise implementation mechanisms."
In February, Ethena Labs launched a profitable stablecoin called USDe, which users can issue using tokens including Bitcoin ($BTC
), Ethereum ($ETH
), liquid stacking derivatives and other stablecoins.
Ethena then hedges the inherent volatility of the portfolio using off-chain financial derivatives.
According to CoinMarketCap, USDe's working capital has grown to almost $3.2 billion since the issuer Ethena Labs launched a unique stablecoin in February.
Launched in April, the Ethena platform's own token (ENA) can be placed in a stack to receive sENA, which, before Wintermute's management proposal, did not have a clear mechanism for accumulating value.
"The Ethena protocol has generated and continues to generate substantial amounts of real revenue, which indicates a clear level of product compliance with the market for USDe," says the management proposal from Wintermute.
"Unfortunately, sENA does not directly benefit from this revenue, which leads to a clear gap between sENA holders and the growth of the protocol," the proposal added.
"It's time to recognize this and pay attention to establishing a clear correspondence between ENA holders and the basic principles of the protocol."
On October 25, Wintermute began accepting USDe as collateral for spot transactions with cryptocurrency and derivatives.
"Wintermute customers can now place USDe as collateral for options, credit default swaps, forward and spot trades," the company said in a post on the X platform.
The Ethena USD (USDE) stablecoin joins Wintermute's existing list of accepted cryptocurrencies, which includes Bitcoin (#BTC☀ ), Ethereum (ETH), Solana (SOL) and USD Coin (USDC), Wintermute said.