Wintermute has suggested a governance change that would implement a “fee switch”, distributing a percentage of Ethena’s (ENA) earnings directly to holders.

This was contained in a recent governance proposal published and submitted to the Ethena Foundation on November 6. The plan seeks to close the disparity between the protocol’s financial performance and the advantages for staked token holders by ensuring an equitable allocation of Ethena’s earnings.

Wintermute’s main suggestion is to activate a fee switch that would guarantee ENA holders receive an equitable share of Ethena’s earnings. The goal of this project is to close the gap between the protocol’s financial success and the gains made by token holders.

This proposal will see ENA investors benefit directly from Ethena’s remarkable revenue generation, which includes a market capitalization of over $2.8 billion for its USDE stablecoin. However, the precise income allocation percentage and the method for allocating fees to ENA holders were not specified in Wintermute’s plan.

Wintermute added the importance of accountability and transparency in the “fee switch” revenue allocation process. The proposal requests Ethena’s risk committee to provide precise criteria, including the amount of USDE in circulation, protocol income levels, and past revenue distribution.

Wintermute hopes to use the fee switch to establish a fair and lucrative environment for individuals who support the protocol through staking, and promote increased transparency.

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