Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Wintermute's proposal to overhaul Ethena protocol revenue share approved by risk committee

Wintermute's proposal to overhaul Ethena protocol revenue share approved by risk committee

The Block2024/11/14 16:00
By: The Block
RSR+0.96%USDE+0.03%ENA+3.09%
Quick Take Ethena Foundation announced that Wintermute’s proposal to alter how Ethena protocol revenue is shared has been approved by the risk committee. About a week ago, the foundation said it had halted revenue from flowing to any equity holders or external entities.
Wintermute's proposal to overhaul Ethena protocol revenue share approved by risk committee image 0

The Ethena Foundation said Friday that Wintermute's proposal to alter how Ethena protocol revenue is shared has been approved by the risk committee.

"The Ethena Foundation is pleased to share that the Wintermute proposal to enable an ENA fee switch has been approved by the Risk Committee," the foundation said in a post to X. "The Foundation will be working with the Risk Committee to crystallize parameters for fee switch activation by 30th November, with precise implementation mechanics to follow."

The announcement of Wintermute's proposal gaining approval comes a little over a week after the crypto market maker suggested the amended framework that would see the protocol allocating a portion of Ethena protocol’s revenue to programs related to staked ENA.

USDe is Ethena’s U.S. dollar-pegged stablecoin while sENA is the staked Ethena governance token. Wintermute's proposed a plan to allocate a portion of the Ethena protocol revenue for sENA and related programs is meant to solve a perceived disconnect.

“The Ethena Protocol has and continues to generate substantial amounts of real revenue, indicating a clear level of [product-market fit] for USDe,” Wintermute said in its proposal.  “Unfortunately, sENA does not directly benefit from this revenue, resulting in an explicit disconnect between sENA holders and the growth of the protocol.”

Ethena Foundation responded the next day, saying it acknowledged "the potential benefits to the overall protocol and ecosystem associated with the proposal." Additionally, the foundation said that "100% of future revenue earned by the Ethena protocol" will accrue "to the benefit of the protocol and will not be shared with any 'Labs' or development services provider entity, including but not limited to Ethena Labs."

It also said the "use of Ethena protocol revenue for specific purposes outside of sUSDe rewards and the Reserve Fund would be determined via governance."

Last week, Wintermute called on the foundation to transparently disclose the historical allocation of protocol revenue, to ensure it has only benefited the protocol. Additionally, the company requested confirmation that future revenue will continue to serve the protocol's interests and remain under the governance of ENA and sENA.

Wintermute is a backer of Ethena, alongside Binance Labs, Fidelity Investments and Dragonfly, according to its website .


Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitget Incentive Program: Win up to 1,100 USDT Per Week
Bitget Announcement2025/10/25 16:00
CandyBomb x MET: Trade futures to share 20,000 MET!
Bitget Announcement2025/10/24 09:00
CandyBomb x MET: Trade futures to share 20,000 MET!
Bitget Announcement2025/10/24 09:00
CandyBomb x APR: Trade futures to share 88,888 APR!
Bitget Announcement2025/10/24 09:00

Trending news

More
1
Bitget Incentive Program: Win up to 1,100 USDT Per Week
2
CandyBomb x MET: Trade futures to share 20,000 MET!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$112,717.75
+0.96%
Ethereum
Ethereum
ETH
$4,010.71
+1.71%
Tether USDt
Tether USDt
USDT
$0.9998
-0.03%
XRP
XRP
XRP
$2.63
+2.72%
BNB
BNB
BNB
$1,130.16
+1.33%
Solana
Solana
SOL
$196
+1.77%
USDC
USDC
USDC
$0.9998
-0.00%
Dogecoin
Dogecoin
DOGE
$0.1997
+1.14%
TRON
TRON
TRX
$0.2974
-0.22%
Cardano
Cardano
ADA
$0.6643
+1.74%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter