Ethena is the latest project facing pressure to activate a “fee switch.”
On Nov. 7, Wintermute, a crypto market-making firm, submitted a governance proposal calling on Ethena the distribute a share of its protocol revenue model with holders of staked Ethena (sENA).
“The Ethena protocol has and continues to generate substantial amounts of real revenue, indicating a clear level of [product-market fit] for USDe,” the proposal said. “Unfortunately, sENA does not directly benefit from this revenue, resulting in an explicit disconnect between sENA holders and the growth of the protocol.”
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