Wintermute Secures Approval to Share Ethena’s Revenue with ENA Stakers

Wintermute has gained approval from the Ethena Foundation to implement a plan that allocates a portion of Ethena's revenue to stakers of its native token, ENA.

The proposal, approved by the Risk Committee, will allow Wintermute to share part of the protocol’s fee income with ENA holders, with detailed implementation expected by the end of November.

Ethena, which launched its interest-earning stablecoin USDe in February, has seen significant growth, with its circulating supply reaching nearly $3.2 billion.

This stablecoin can be minted using assets like Bitcoin, Ethereum, and liquid staking derivatives. Ethena’s ENA token, launched in April, can be staked for sENA, but before Wintermute’s proposal, it lacked a clear mechanism to benefit directly from Ethena’s growing revenue.

Wintermute’s governance forum notes that while Ethena’s protocol has proven to generate substantial revenue, there was previously no direct link between sENA holders and the protocol’s success.

The new proposal aims to create that connection, aligning ENA token holders more closely with Ethena’s growth. In addition, Wintermute has recently begun accepting USDe as collateral for crypto and derivatives trading, expanding the stablecoin’s utility in the market.