Ethena said it expected to activate the ENA cost switch, pending the final implementation inspection by its Riskomité And a token hole voice, after the pre -set parameters were reached.
Those parameters, agreed at the end of 2024, require the offer -offer above 6 billion, lifelong protocol income above 250 million and used integration on four of the top five centralized derivatives locations.
The foundation plans to publish implementation data before submitting a framework to Ena holders for confirmation via votes, according to the group Official communication.
Thresholds follow core protocoleconomy.
Usde income is driven by Futures financing and basis, while Susde Divide part of it to holders. In its last monthly update, Ethena used used supply to 12.1 billion, a 30-day susde apy of 8.54 percent, a reserve fund of approximately 62 million consolidated in USDTB, and distribution gang with three of the five centralized exchanges integrated and two remaining.
The update also marked September Pendle Principal token -running times and continuous cover at large locations. According to the August board of the foundation reportThese items are now kept as an activation input and risk trolks, including an APY spread versus an benchmark and reserve funds.
What the switch could look like remains open due to design. The Parameters of the switch Specify that distributions Sena Can use non-continuous methods if direct income exchange is operational or legally sub-optimal and explicit sequence activation after the success statistics and risk trolks is paid.
| Annual protocol income | Cost share to Ena | Annual reimbursement pool | Apr if 30% ENA is eliminated | Apr if 50% ENA is postponed | Apr if 70% ENA is postponed |
|---|---|---|---|---|---|
| $ 400 million | 10% | $ 40 million | 2.5% | 1.5% | 1.1% |
| $ 400 million | 25% | $ 100 million | 6.2% | 3.7% | 2.7% |
| $ 400 million | 50% | $ 200 million | 12.5% | 7.5% | 5.3% |
| $ 700 million | 10% | $ 70 million | 4.4% | 2.6% | 1.9% |
| $ 700 million | 25% | $ 175 million | 10.9% | 6.5% | 4.7% |
| $ 700 million | 50% | $ 350 million | 21.8% | 13.1% | 9.3% |
| $ 1,000 million | 10% | $ 100 million | 6.2% | 3.7% | 2.7% |
| $ 1,000 million | 25% | $ 250 million | 15.6% | 9.3% | 6.7% |
| $ 1,000 million | 50% | $ 500 million | 31.2% | 18.7% | 13.4% |
Method: Apr = annual reimbursement pool ÷ dollar value of stanty ena.
Assumptions: Ena -Market capitalization ≈ $ 5.35 billion in calculation time; Reimbursement pool is equal to Revenue × Fee-Share to ENA; Stretch partnership scenarios at 30%, 50%and 70%of the circulating ENA.
Figures are illustrative and exclude costs or implementation.
This flexibility gives Ena Governance Room to calibrate size, cadence and mechanics based on market conditions, legal advice and reserve disability.
Distribution willingness also depends on the penetration of the exchange
Binance mentioned Usde -Spot pairs on 9 September, a step that supports the “four of the five” adoption condition of Ethena that is cited in the board report. The foundation of the Foundation notes that Usde is accepted as collateral at dominant derivatives locations used in the hedge program of Ethena, which improves the basic reception and repayment routes.
The vote will ask Ena holders to ratify implementation details after the risk committee has been registered. The Governance Forum imposes the sequencing, whereby the risk committee is instructed to assess Susde APY, versus a benchmark and reserve fund adequacy on a continuous basis before distributions are engaged and to publish public updates about these assessments. Those roles and the activation gating have been documented in the framework.
Forward drivers are in the income engine. Positive financing and futures base elevate usde income, while negative or compressed financing reduces this. Recent market structure has supported the Ethena model.
At the end of August Deribit’s weekly derivatives to summarize BTC financing showed those monthly highlights around the peak from the middle of the month, with ETH financing short with 0.03 percent on 8-hour windows before they are concerned.
A month earlierThe same series noted that the financing of previous peaks moderated but on average remain positive at Majors. These conditions, together with the addition of a top location and deeper collateral acceptance, follow historically stronger basic base for basic stablecoin models.
Cost lines and concentration need monitoring. The update of the August emphasized planned PT running times, which can lead to susde disclosure and tactical flows that increase temporary redemption activity or change Aave-linked exposures.
The same update provides an overview of the composition of the reserve funds and a migration to USDTB to counterparty and liquidity reasons, which adds clarity to loss absorption capacity before an ENA linked distribution starts.
Macro and policy second axis.
In the United States, the Genius Act Was signed in the law on July 18, whereby a federal regime was set up for payment stablecoins, including Occimalencies for non-bank issues, one-on-one reserve requirements and preference of conflicting state audiences on permitted emission.
In the United Kingdom, the Bank of England indicated that this year will discuss the allowance of systemic stablecoins to keep some of the reserves in high-quality liquid assets, whereby deputy governor Sarah Breeden in a “multi-white” framework will outline in a September 3 September 3 September speech.
The policy direction is important for distribution design, given how reserve and storage rules can influence the cash moving, back -buying or alternative mechanisms that could consider Ena Governance.
Cross-market context remains constructive. The worldwide market value of the Stablecoin has searched in the last few weeks near record levels, according to the Defillama Stablecoins DashboardA background that correlates historically with deeper liquidity and tighter spreads.
From here the gate items are clear: public confirmation of implementation data by the Risk Committee, the publication of the foundation of the framework and the ENA holder voice as set out in the parameters of Fee-Switch and the August Governance Update.
Ethena says it will publish the final implementation framework and then ask ENA holders to vote.
