Esena said it expects to activate the ENA fee switching while the final implementation approval by the Risk Committee and pending token holder voting after the pre-set parameters have been met.
These parameters agreed in late 2024 include USDE supply of more than 6 billion, lifetime protocol revenues of more than 250 million, and USDE integration.
The Foundation will publish implementation details before submitting the framework to ENA owners for confirmation by vote in accordance with the group’s official communications.
Thresholds track core protocol economics.
USDE’s revenue is driven by futures funds and foundations, and SUSD distributes a portion of it to its holders. In its latest monthly update, Ethena linked its USDE supply at 12.1 billion, 8.54% to 30-day SUSDTB, USDTB of around 62 million, and reported progress on distributions of three of the five top centralized exchanges and the remaining two.
The update flagged Principal Pendle token maturity in September and continued hedges at major venues. According to the Foundation’s August governance report, these items are tracked as activation inputs and risk checks, including APY spreads and benchmarks and reserve fund sizing.
What the switch looks like remains open by design. The price switch parameter specifies its distribution Senna If direct revenue shares are operationally or legally suboptimal, non-cash methods may be used, and sequence activations are explicitly met after success metrics and risk checks are met.
| Annual Protocol Revenue | Price share with ENA | Annual fees | In 30% case, the ENA will be staked in the case of APR | 50% if APR, ENA bets | If 70% Ena bets |
|---|---|---|---|---|---|
| 400 million dollars | 10% | $40 million | 2.5% | 1.5% | 1.1% |
| 400 million dollars | twenty five% | 100 million dollars | 6.2% | 3.7% | 2.7% |
| 400 million dollars | 50% | 200 million dollars | 12.5% | 7.5% | 5.3% |
| 700 million dollars | 10% | $70 million | 4.4% | 2.6% | 1.9% |
| 700 million dollars | twenty five% | $175 million | 10.9% | 6.5% | 4.7% |
| 700 million dollars | 50% | $350 million | 21.8% | 13.1% | 9.3% |
| $1,000 million | 10% | 100 million dollars | 6.2% | 3.7% | 2.7% |
| $1,000 million | twenty five% | $250 million | 15.6% | 9.3% | 6.7% |
| $1,000 million | 50% | 500 million dollars | 31.2% | 18.7% | 13.4% |
method: APR = pool of annual fees ÷ dollar value of dyed ENA.
Assumption: Market capitalization was $535 million in ENA market capitalization calculation time. The rate pool equals revenue to ENA x price stock. 30%, 50%, and 70% stake participation scenarios for circulation ENA.
The numbers are descriptive and exclude cost or mounting friction.
Its flexibility makes the ENA governance room aligned to size, cadence, and mechanics based on market conditions, legal advice and validity.
Distribution preparation also depends on the spread of exchanges
Binance listed the USDE spot pair on September 9th. This is a step that supports the Esena “4 out of 5” recruitment conditions cited in the governance report. The foundation’s latest information points to the USDE being accepted as collateral for the dominant derivatives used in Ethena hedging programs, improving the capture and redemption pathways of the foundation.
The vote will ask ENA owners to ratify implementation details after signing off by the Risk Committee. The Governance Forum requires the Risk Committee to continuously assess the validity of benchmarks and reserve funds before distributions become effective, and requires public updates on these assessments to be made public. These roles and activation gating are documented in paid switch frameworks.
The forward driver sits on the revenue engine. Positive funds and futures standards lift USDE revenues, while negative or reduced funds reduce them. The recent market structure supports the Ecena model.
In late August, a weekly derivative summary of derivatives from Derivit brought BTC funding to monthly highs around the central monthly peak, while ETH funding temporarily broke 0.03% in an eight-hour window before retarking.
A month ago, the same series relaxed funds from previous peaks, but found that on average it remains positive across the majors. These conditions track the stronger basic capture of the historically basic support Stablecoin model, in addition to the addition of top venues and acceptance of deeper collateral.
Cost lines and concentration require monitoring. The August Governance Update highlights scheduled Pendle PT maturation. This could result in SUSD unlocking and tactical flows that could cause temporary repayment activities or alter Abe-related exposures.
The same update lists the structure of reserve funds and the transition to USDTB for counterparty and liquidity reasons, clearly adding loss absorption capacity before the ENA-linked distribution begins.
Axis 2 of macros and policies.
In the United States, the Genius Act was signed into law on July 18th to establish a federal system for payment stability, including OCC licences for non-bank issuers, one-to-one reserve requirements, and preemptive measures for conflicting state charters against permitted issuers.
In the UK, the Bank of England discussed this year about allowing systematic stubcoins to hold some of their reserves in high-quality liquid assets, and in a speech on September 3rd, outlined the “multimoney” framework.
Policy orientation is important for distribution design, given the alternative mechanisms that reserve and storage rules may consider, or how reserve and storage rules affect alternative mechanisms that ENA governance may consider.
The market context remains constructive. Global Stablecoins market value has been near record levels over the past few weeks, according to the Dashboard, a historically deeper liquidity and tighter spreads.
From here, the gating items are clear. Public confirmation of implementation details by the Risk Committee, disclosure of the Foundation’s framework, and ENA owner votes outlined in Paid Switch parameters and the Governance Update in August.
Esena says it will publish the final implementation framework and ask ENA owners to vote.
