Wintermute Proposes Profit Distribution to Ethena sENA Holders

Cryptocurrency market maker (MM) Wintermute posted a new governance proposal on Wednesday that would share profits with holders of Ethena’s sENA token.
USDe is Ethena’s USD-pegged stablecoin with a market cap of over $2.8 billion, while sENA is Ethena’s staked governance token. Ethena has not yet had a plan to use the project’s revenue, to solve this problem, Wintermute has proposed a plan for Ethena to “share revenue” with sENA holders.

“This plan will allocate a portion of Ethena protocol revenue to sENA holders and related programs,” Wintermute said.
However, Wintermute’s proposal does not provide specific details such as what percentage of revenue should be distributed or the mechanism for receiving it. Instead, Wintermute asks Ethena to consider the “optimal form” of revenue sharing given the growing USDe supply and the competitiveness of staked USDe yields.
Wintermute also requires Ethena to be transparent about the project's revenue sources, how the revenue is distributed, and to ensure that this revenue only benefits the protocol.
“Future revenue needs to be confirmed to continue to serve the interests of the protocol and remain under the management of ENA.”
Ethena (ENA) is trading at $0.48, up 24.4% over the past 24 hours. Over the past month, the coin has gained 68%.