Many people haven't noticed that the conditions for switching the Ethena fee toggle have been met. This actually means that Ethena is quietly telling everyone, I'm making a lot of money right now.
Because it's making a lot of money, it will distribute part of the protocol revenue. According to data from tokenterminal, Ethena's revenue in August was 54.6M, while in May it was only 20M. On the surface, revenue has increased by more than 2 times. The main reason for this increase is the growth of USDE.
I previously mentioned that USDE has entered a rapid growth cycle. After accumulating for a certain period, the ecosystem begins to grow rapidly. Then came the good news that Binance supports USDE wealth management. As USDE continues to grow rapidly, Ethena's monthly revenue will exceed 54.6M.
The stablecoin sector is indeed making steady profits, no wonder everyone is trying to join in.
The Ethena Foundation can confirm that the fee switch parameters set by the Risk Committee have now been met and the ENA fee switch is expected to be activated following Ethena Risk Committee sign off on the implementation details and further governance process
The Ethena Risk Committee is discussing implementation details, which will be confirmed publicly once finalised - at which point ENA holders will be asked to confirm the proposed framework via vote
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