Entropy Advisors的动态

?? Ethena is now a top 5 DeFi protocol by TVL, generating $300M+ in revenue—a major milestone in the space. With this success, Wintermute has proposed activating a Fee Switch, which would allow ENA stakers to share in Ethena’s earnings. But what does this mean for the protocol and its community? We broke down the key insights using two new dashboards. ?? ?? Why a Fee Switch? Currently, 824M ENA ($324M) are staked, representing 5.5% of supply. However, stakers don’t receive direct exposure to protocol revenue—only rewards from partnerships and unclaimed airdrops. Aligning incentives with ENA holders strengthens governance and long-term protocol sustainability. ?? How does Ethena generate revenue? Ethena earns revenue from tokenized basis trading, distributing 100% of earnings to USDe stakers and the reserve fund. Over the past 3 months, it has averaged $50M in monthly revenue. ?? When will the Fee Switch be activated? The Ethena Risk Committee has set five key criteria across Success Metrics and Risk Metrics. The Fee Switch will only activate when all conditions are met: ? $250M+ Cumulative Revenue (Currently $330M) ? Reserve Fund ≥ 1% of USDe Supply ($61M Fund) ? 6B USDe Supply (Currently 9% below target) ? Integration with Binance/OKX (Progressing, Binance now holds 4M USDe) ? sUSDe vs sUSDS APY Spread ≥ 5% (Expected to recover with market momentum) ?? What’s next? The Fee Switch proposal is a major step toward making Ethena a sustainable, community-driven protocol. Meanwhile, we continue tracking key metrics, including ENA price, staking ratio, USDe liquidity, revenue, and valuation trends.