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Get ready for some crypto buzz! Wintermute, the big player in crypto market making and liquidity, has thrown an intriguing proposal into the ring for the Ethena protocol. They’re talking about a fee switch framework, and it's got everyone on their toes!

Here's the scoop: Wintermute wants to make sure sENA token holders, those who have staked their Ethena tokens, can finally ride the wave of Ethena’s revenue success. Despite Ethena’s stablecoin, USDe, making waves, these holders have been left out in the cold when it comes to direct benefits from revenue growth. But Wintermute's got a plan!

The proposal, which made its debut to the Risk Committee just this Wednesday, is all about giving sENA holders a slice of the revenue pie. It's about aligning their interests with Ethena’s financial performance. Now, they didn't spill the beans on the exact numbers or how this fee-switch model would roll out, but they did emphasize finding the “optimal form” for this framework. It's like picking the perfect outfit for a fancy gala!

Wintermute's also throwing in the idea of a roadmap with clear goals – think of it like a treasure map with X marking the spot for circulation and revenue targets. They’re calling for the Ethena Foundation to lay all its cards on the table, showing how the revenue is being divvied up now and in the future. The final say on this jazzy new change? It’ll need a thumbs-up from ENA and sENA holders through a vote. Democracy in action, folks!

For those not in the know, Ethena is like the cool kid on the Ethereum block, with its synthetic dollar protocol issuing the USDe stablecoin. This digital currency is pegged to the USD and is designed to be as scalable and censorship-resistant as they come.

USDe has been climbing the popularity ladder, boasting yields up to a whopping 17%! This has drawn some comparisons to the infamous UST from Terraform Labs, which, let’s just say, didn’t end on a high note. But fear not, experts are saying USDe’s yield game is in a league of its own.

Fast forward to today, USDe’s market cap has soared to a staggering $2.83 billion, riding high on a broader crypto market rally. It’s definitely a time to keep your eyes peeled on how this fee switch saga unfolds!

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