Etena accepts proposal for ENA token fee sharing.
The Etena Foundation has signed on to Wintermuth's proposal to share revenue from the decentralized finance (DeFi) protocol.
In the year On November 6, Wintermuth, a cryptocurrency market maker, proposed to allocate a portion of Ethena's fee revenue to Ena's native tokens to Ena (ENA) shareholders.
“The Athena Foundation is pleased to share that the proposal to enable $ENA fee switching has been approved by the Risk Committee,” he said at a November 15 management forum.
“The Foundation will work with the Risk Committee to adjust the payment switch parameters on November 30 and follow proper implementation mechanics.”
Source: CoinMarketCap
Related: Wintermute to take Etena's USDe as trading margin
In February, Athena Labs launched an interest-bearing stablecoin called USDe, which allows users to generate tokens including Bitcoin (BTC), Ether (ETH), liquid staking derivatives, and other stablecoins.
Athena then hedges against the internal volatility of the portfolio by using off-chain financial derivatives.
According to CoinMarketCap, the supply of USD circulation has grown to about $3.2 billion since issuer Athena Labs launched the unique stablecoin in February.
Athena's ESA, which started in April, could be awarded to SNA, which had a clear storage mechanism before Wintermuth's management proposal.
“The Athena protocol has and is generating a significant amount of real revenue, which shows a clear level of revenue. [product market fit] for USDe” according to Wintermuth’s Nov. 6 management proposal.
“Unfortunately, SENA does not directly benefit from this revenue, which has led to a clear disconnect between SENA's owners and the development of the protocol,” he added.
“It is time to recognize this and seek to create a clear alignment between ESA owners and the fundamentals of the protocol.”
On October 25, Wintermute began accepting USDe as collateral for spot crypto and derivatives transactions.
Wintermuth clients can now “use USDe as collateral for options; [credit default swaps]Future and space trading,” the company said in a post on the X platform.
The stablecoin will join Wintermute's existing list of accepted crypto securities, which includes BTC, ETH, Solana (SOL) and USD Coin (USDC), Wintermute said.
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