Ethena said she expects to activate the change in NA costs, the approval of the final implementation awaiting her risk committee and a vote of chip holders, after the predefined parameters were respected.
These parameters, agreed at the end of 2024, require a USDE offer over 6 billion, lifetime protocol income greater than 250 million and integration of the USDE on four of the five main centralized derivatives.
The Foundation plans to publish the details of the implementation before submitting an executive to ENA holders for confirmation by vote, according to official communications from the group.
The thresholds follow the economy of the basic protocol.
USDE revenues are driven by the funding and the basis of future, while Susde distributes part to holders. In its latest monthly update, Ethena reported the USDE offer at 12.1 billion, a Susde APY of 30 days of 8.54%, a reserve fund of approximately 62 million consolidated in USDTB and distribution progress with three of the five most integrated and two remaining centralized exchanges.
The update also reported main tokens of pendle tokens in September and continuous coverage on the main places. According to the August governance report of the Foundation, these elements are now followed as activation and risk checks, including APY spread compared to a sizing of benchmark and reserve funds.
What the switch could resemble remains open by design. The costs of switching costs specify that the distributions Sena Can use non-monetary methods if direct income sharing is operational or legally sub-optimal, and explicitly activation of sequences after satisfaction of success and risks.
| Annual protocol income | Share of costs in Ena | Annual fee pool | Apr If 30% ENA marked out | Apr If 50% in marked | After 70% in marked |
|---|---|---|---|---|---|
| $ 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 | 31.2% | 18.7% | 13.4% |
Method: APR = Pool of annual expenses ÷ Dollar Value de l’Ena marked.
Hypotheses: Capitalization market ENA ≈ 5.35 billion dollars at the time of calculation; The cost pool is equivalent to revenues × the share of costs in ENA; Party participation scenarios at 30%, 50% and 70% of the circulating ENA.
The figures are illustrative and exclude costs or implementation frictions.
This flexibility gives a governance room ENA to calibrate the size, cadence and mechanics according to market conditions, legal advice and reserve adequacy.
Preparation for distribution also depends on the penetration of exchanges
Binance listed USDE points pairs on September 9, a step that supports the “four of the five” adoption conditions of Ethena cited in the governance report. The Foundation update notes that the USDE is accepted as a guarantee in the dominant derivative places used in the Ethena coverage program, improving the basic capture and redemption routes.
The vote will ask the ENA holders to ratify the details of the implementation after the risk committee failure. The governance forum presents sequencing, the risk committee mandated to assess the propagation of Susde Apy in relation to a reference and a suitability for reserve funds on a continuous basis before distributions are activated and to publish public updates on these assessments. These roles and activation triggering are documented in the context of a costs switching.
The front drivers are seated in the income engine. Positive funding and the term basis increase USDE revenues, while negative or compressed funding reduces it. The recent market structure supported the Ethena model.
At the end of August, the summary of the weekly deribit derivatives showed that the financing of the BTC reaching monthly summits around the peak in the middle of the month, the financing of the ETH briefly exceeding 0.03% on windows of 8 hours before the retrace.
A month earlier, the same series noted that funding modeled from previous peaks, but remaining positive on average in the majors. These conditions, as well as the addition of a deeper high-level place and collateral acceptance, historically follow a stronger basic capture for stable-souppççon models supported by a base.
Cost lines and concentration require monitoring. Updating the August governance highlights the planned deadlines of Pendle PT, which can lead to a unlocking of Susde and tactical flows which temporarily raise the redemption activity or modify the exhibitions related to Aave.
The same update lists the composition of reserve funds and a migration to the USDTB for reasons of counterpart and liquidity, by adding clarity to the absorption capacity of losses before the start of a distribution linked to ENA.
Macro and second axis of the second axis.
In the United States, the Act on Engineering was promulgated on July 18, establishing a federal regime for payment stalls, including OCC licenses for non-banking issuers, individual reserve requirements and the preemption of conflicting charters on authorized transmitters.
In the United Kingdom, the Bank of England reported that it would consult this year on the permission of systemic stablescoins to hold part of the reserves in high-quality liquid assets, with the Sarah Breeden sub-Governor describing a “multi-money” framework in a speech of September 3.
Political orientation is important for the design of the distribution, given the way in which reserve and guard rules can affect cash movements, buyouts or alternative mechanisms that governance can consider.
The inter-market context remains constructive. The global market value of stablescoin has oscillated near the record levels in recent weeks, according to the dashboard Defillama stablecoins, a backdrop which is historically correlated with deeper liquidity and more strict differences.
From there, the trigger articles are clear: public confirmation of the details of the implementation by the risk committee, the publication by the Foundation of the Cadre and the vote of the ENA holder as indicated in the costs of switching costs and the updating of the governance of August.
Ethena says he will publish the final implementation framework, then ask ENA holders to vote.
