2 weeks ago
The Ethena assemblage is presently reviewing a connection from crypto marketplace shaper Wintermute to activate a interest power wrong the protocol.
In the Nov. 6 proposal, Wintermute highlighted the deficiency of clarity regarding the gross organisation for Ethena’s ENA token. The marketplace shaper noted that nary wide model exists explaining however ENA holders mightiness payment from the protocol’s net oregon if immoderate plans beryllium to allocate a information of gross to these holders.
Wintermute emphasized that Ethena Protocol has established significant, existent revenue, signaling product-market fit for USDe—its synthetic dollar stablecoin—which boasts implicit $2.8 cardinal successful marketplace capitalization. This achievement, Wintermute argues, suggests that sENA token holders should person the accidental to payment from the protocol’s growth.
Proposal overview
Wintermute’s connection advises that Ethena’s Risk Committee see allocating immoderate of the protocol’s gross to the staked mentation of the ENA token, sENA. However, the connection did not supply circumstantial details connected allocating the revenue.
Instead, Wintermute’s connection urges the committee to make a model detailing the benchmarks Ethena indispensable conscionable earlier enabling gross distribution. Suggested criteria for these benchmarks see metrics similar the circulating proviso of USDe, the protocol’s mean gross levels, the dispersed betwixt USDe’s yearly percent output (APY) and marketplace rates, and the adoption of USDe connected large organisation platforms, specified arsenic centralized exchanges.
In addition, Wintermute’s connection calls for a much precise mentation of Ethena’s existing gross organisation model. This petition is driven by concerns implicit “dual-class” structures successful the crypto industry, wherever benefits for equity holders whitethorn struggle with the interests of token holders oregon the protocol itself.
The connection seeks to find whether specified a operation exists wrong Ethena and whether the protocol’s gross has been reserved exclusively for development.
Given the important interaction this alteration could person connected Ethena’s ecosystem, the connection volition request to beryllium approved by a assemblage vote.
The station Wintermute proposes interest power for just gross sharing successful Ethena protocol appeared archetypal connected CryptoSlate.
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