Ethena Protocol to Revamp Revenue Sharing After Wintermute Proposal Approval
The Ethena Foundation has announced the approval of Wintermute's proposal to revise how the protocol's revenue is distributed.
The decision, endorsed by Ethena’s Risk Committee, marks a step toward aligning the interests of staked ENA (sENA) holders with the protocol’s growth.
In a statement shared on November 17, the foundation revealed that the fee switch proposed by Wintermute is set to be finalized with parameters established by the end of the month. Implementation details will follow. This proposal, introduced over a week ago, aims to address a perceived imbalance in the Ethena ecosystem by directing a portion of protocol revenue to sENA-related initiatives.
Wintermute, a key backer of Ethena alongside Binance Labs, Fidelity Investments, and Dragonfly, highlighted that while Ethena’s U.S. dollar-pegged stablecoin, USDe, demonstrates strong market performance, sENA holders have not been directly benefiting from the revenue generated. The proposed changes are designed to bridge this gap and better connect sENA holders to the protocol’s success.
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In response, the Ethena Foundation affirmed its commitment to transparency and governance. It stated that all future protocol revenue will exclusively support the protocol itself and not external entities, such as Ethena Labs. Additionally, governance will oversee the use of revenue outside of specific allocations for sUSDe rewards and the Reserve Fund.
Wintermute also urged Ethena to disclose historical revenue allocations to ensure all funds have supported the protocol’s interests and to confirm that future revenues will continue to align with ENA and sENA governance. This move reflects a broader effort to bolster trust and collaboration within the Ethena ecosystem.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
