The Ethena Foundation confirmed on September 12 that the protocol has met all predefined parameters required to activate the fee switch mechanism for ENA token holders. These parameters, established in late 2024, include a USDe supply exceeding $6 billion, lifetime protocol revenue above $250 million, and integration of USDe on four of the top five centralized derivatives exchanges.
Currently, the USDe supply stands at $12.1 billion, with three of the top five exchanges already integrated—including Binance, which listed USDe spot pairs on September 9. The 30-day sUSDe APY is reported at 8.54%, and the reserve fund has been consolidated to approximately $62 million in USDtb.
The activation now awaits final implementation approval from the Risk Committee, followed by a governance vote by ENA holders. The fee switch is designed to distribute a portion of protocol revenue to staked ENA holders, with potential yields varying based on revenue share percentages and staking participation rates. Illustrative calculations suggest APRs could range from 1.1% to over 31%, depending on these variables.
This development coincides with significant ecosystem growth, including a $530 million capital raise by StablecoinX (an Ethena subsidiary) and the launch of MegaUSD on the MegaETH blockchain. The broader trend of revenue-sharing tokens, such as PUMP and Hyperliquid, has shown strong market performance, reinforcing positive sentiment around ENA's potential transformation into a yield-bearing asset.