💠 Ethena prepares fee switch activation
Ethena’s $USDe supply surged 42% in the past month to an all-time high of $12.43B, with record August revenues of $61M.
➡️ Two of three conditions for the fee switch are already met:
➡️ $USDe supply above $6B
➡️ Protocol revenue above $250M
➡️ The last milestone is $USDe integration on 4 of the top 5 derivatives exchanges
Once triggered, the fee switch will allow $ENA holders to share protocol revenues for the first time. A key shift from growth mode to value accrual.
September 3, 2025 44
