Wintermute, a crypto market maker and liquidity provider, has proposed a fee switch framework for the Ethena protocol, which issues the stablecoin USDe. This move is aimed at aligning revenue with sENA token holders and clarifying Ethena’s protocol revenue structure. Wintermute recommends enabling a revenue allocation to sENA and setting a roadmap with clear milestones before implementing revenue-sharing.
Full disclosure from the Ethena Foundation on how protocol revenue is currently and will be distributed is also requested. Any final decision on the proposed changes would need approval through a vote by ENA and sENA holders. Ethena is a synthetic dollar protocol on Ethereum that issues the stablecoin USDe, designed as a scalable and censorship-resistant digital currency pegged to the USD.
USDe’s market cap has grown to $2.83 billion, boosted by a broader crypto market rally.
