According to Wu, the Ethena community released a new proposal, “Introducing Ethereal: An Integration Request to Ethena Governance.” The proposal calls for Ethereal to be directly integrated into Ethena’s reserve management system to manage spot and derivatives positions supporting USDe.

The Ethena community will have the opportunity to receive a 15% allocation of any potential future Ethereal governance tokens, which the proposal suggests will be distributed to ENA holders in circulation. Ethereal is a decentralized exchange (DEX) built on the upcoming Ethena network that uses USDe as a medium of exchange.