# General **URL:** https://gov.ethenafoundation.com/c/general/4.md [Latest](https://gov.ethenafoundation.com/latest.md) · [Categories](https://gov.ethenafoundation.com/categories.md) · [Tags](https://gov.ethenafoundation.com/tags.md) --- ## [Welcome to the Ethena Governance Forum](https://gov.ethenafoundation.com/t/welcome-to-the-ethena-governance-forum/3)
**Author:** [@governanceforum](https://gov.ethenafoundation.com/u/governanceforum)\ **Replies:** 1\ **Last updated:** [September 30, 2024, 1:42pm UTC](https://gov.ethenafoundation.com/t/welcome-to-the-ethena-governance-forum/3 "2024-09-30T13:42:27Z")
Welcome to Ethena’s Governance Forum Ethena Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure. Governanc… --- ## [Proposal: Asset allocation to Morpho Midnight](https://gov.ethenafoundation.com/t/proposal-asset-allocation-to-morpho-midnight/848)
**Author:** [@OAKResearch](https://gov.ethenafoundation.com/u/OAKResearch)\ **Replies:** 0\ **Last updated:** [September 21, 2026, 5:00pm UTC](https://gov.ethenafoundation.com/t/proposal-asset-allocation-to-morpho-midnight/848 "2026-09-21T17:00:26Z")
Protocol Background & collateral evaluation Morpho Midnight Morpho Midnight is a noncustodial protocol for fixed-rate, fixed-maturity lending. It publicly launched on 21 July 2026, initially supporting USDC loans against… --- ## [GHO and sGHO as Eligible Backing Assets for USDe](https://gov.ethenafoundation.com/t/gho-and-sgho-as-eligible-backing-assets-for-usde/847)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 0\ **Last updated:** [September 21, 2026, 4:53pm UTC](https://gov.ethenafoundation.com/t/gho-and-sgho-as-eligible-backing-assets-for-usde/847 "2026-09-21T16:53:32Z")
GHO and sGHO as Backing Assets for USDe Kairos Research, for the Ethena Risk Committee. Onchain state read September 8th 2026 unless stated otherwise. Sources, contracts, methodology, and verification status are set out … --- ## [ENA Fee Switch Activation](https://gov.ethenafoundation.com/t/ena-fee-switch-activation/830)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 4\ **Last updated:** [September 8, 2026, 10:48am UTC](https://gov.ethenafoundation.com/t/ena-fee-switch-activation/830 "2026-09-08T10:48:47Z")
In collaboration with the Ethena Risk Committee, we propose the following milestones for ENA fee switch activation. These milestones will be subject to an ENA tokenholder vote, which will follow immediately after this po… --- ## [A Framework for the Tokenized Equity Basis Trade](https://gov.ethenafoundation.com/t/a-framework-for-the-tokenized-equity-basis-trade/832)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 0\ **Last updated:** [August 28, 2026, 2:23pm UTC](https://gov.ethenafoundation.com/t/a-framework-for-the-tokenized-equity-basis-trade/832 "2026-08-28T14:23:23Z")
A Framework for the Tokenized Equity Basis Trade Kairos Research, for the Ethena Risk Committee. Market data as of August 26th 2026, from public venues and onchain sources Summary and recommendation This report proposes… --- ## [LlamaRisk | Legal Review of FalconX Credit Agreement](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-falconx-credit-agreement/822)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [August 4, 2026, 8:16pm UTC](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-falconx-credit-agreement/822 "2026-08-04T20:16:57Z")
Summary LlamaRisk has conducted a legal review of the Credit Agreement governing Ethena’s reserve-backing asset deployment to FalconX International Lending Opportunities SPC, acting for the account of its segregated port… --- ## [LlamaRisk | Legal Review of Payward MLA](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-payward-mla/813)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [July 23, 2026, 3:53pm UTC](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-payward-mla/813 "2026-07-23T15:53:44Z")
Summary LlamaRisk has conducted a legal review of the Master Loan Agreement governing Ethena’s reserve-backing asset deployment to Payward Trading Limited (an institutional entity within the Payward / Kraken group). Sco… --- ## [mUSD as a USDe Backing Asset](https://gov.ethenafoundation.com/t/musd-as-a-usde-backing-asset/812)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [July 23, 2026, 3:44pm UTC](https://gov.ethenafoundation.com/t/musd-as-a-usde-backing-asset/812 "2026-07-23T15:44:14Z")
This report evaluates MetaMask USD (mUSD) for inclusion in Ethena’s USDe backing, and specifically the proposed structure in which Ethena would hold mUSD and supply it into the Aave v3.7 instance on Monad to earn yield. … --- ## [Review of the L2 USDe PSM Proposal](https://gov.ethenafoundation.com/t/review-of-the-l2-usde-psm-proposal/810)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 1\ **Last updated:** [July 22, 2026, 3:51pm UTC](https://gov.ethenafoundation.com/t/review-of-the-l2-usde-psm-proposal/810 "2026-07-22T15:51:43Z")
Kairos Research: Review of the L2 USDe PSM Proposal Prepared by Kairos Research for the Ethena Risk Committee. Onchain state verified as of July 15, 2026, and updated for the Guardian security review and subsequent clari… --- ## [Ethena’s June 2026 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-june-2026-governance-update/808)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [July 17, 2026, 3:31pm UTC](https://gov.ethenafoundation.com/t/ethena-s-june-2026-governance-update/808 "2026-07-17T15:31:54Z")
1. Overview This report summarizes key governance, risk, and ecosystem developments for the Ethena protocol during June 2026. The month was defined by a decisive acceleration of Ethena’s integration with traditional fin… --- ## [Proposal: Backing Asset Allocation to Aave V4](https://gov.ethenafoundation.com/t/proposal-backing-asset-allocation-to-aave-v4/802)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [June 18, 2026, 7:05pm UTC](https://gov.ethenafoundation.com/t/proposal-backing-asset-allocation-to-aave-v4/802 "2026-06-18T19:05:05Z")
Executive summary Of five Ethena Spoke stablecoins assessed across a 26-day dataset, only USDT at 91% utilization clears the 4.75% minimum allocation return threshold, with protocol-wide supply APY of 0.93%, which is 38… --- ## [Evaluation: STAC as USDe Backing Asset](https://gov.ethenafoundation.com/t/evaluation-stac-as-usde-backing-asset/799)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 1\ **Last updated:** [June 12, 2026, 2:52pm UTC](https://gov.ethenafoundation.com/t/evaluation-stac-as-usde-backing-asset/799 "2026-06-12T14:52:31Z")
STAC vs JAAA: Tokenized AAA CLO Fund Comparison Summary Ethena is evaluating STAC, the Securitize Tokenized AAA CLO Fund, as collateral. JAAA, the Janus Henderson Anemoy AAA CLO Fund held through the Centrifuge vehicle, … --- ## [Proposal: JAAA as USDe Backing Asset](https://gov.ethenafoundation.com/t/proposal-jaaa-as-usde-backing-asset/797)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 1\ **Last updated:** [June 7, 2026, 11:02pm UTC](https://gov.ethenafoundation.com/t/proposal-jaaa-as-usde-backing-asset/797 "2026-06-07T23:02:25Z")
Executive summary The Janus Henderson Anemoy AAA CLO Fund (JAAA) receives an eligible determination under the Blockworks Advisory adapted RWA Eligible Asset Framework. Holder concentration in the tokenized wrapper is el… --- ## [Ethena's May 2026 Governance Update](https://gov.ethenafoundation.com/t/ethenas-may-2026-governance-update/796)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [June 5, 2026, 10:45am UTC](https://gov.ethenafoundation.com/t/ethenas-may-2026-governance-update/796 "2026-06-05T10:45:06Z")
Welcome to Ethena’s monthly governance update for May 2026, covering all major developments across the month. This report highlights the continued supply recovery following the April rsETH incident, the Risk Committee’s … --- ## [Ethena’s March and April 2026 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-march-and-april-2026-governance-update/791)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 0\ **Last updated:** [May 28, 2026, 2:12pm UTC](https://gov.ethenafoundation.com/t/ethena-s-march-and-april-2026-governance-update/791 "2026-05-28T14:12:11Z")
Ethena’s March and April 2026 Governance Update Prepared by Kairos Research This is the combined March and April installment of Ethena’s monthly governance report. Two months defined by structural change: the activation… --- ## [Proposal: Ripple USD as USDe Backing Asset](https://gov.ethenafoundation.com/t/proposal-ripple-usd-as-usde-backing-asset/789)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [May 20, 2026, 10:15am UTC](https://gov.ethenafoundation.com/t/proposal-ripple-usd-as-usde-backing-asset/789 "2026-05-20T10:15:47Z")
Executive summary This report evaluates RLUSD’s eligibility as a component of Ethena’s USDe backing asset portfolio. RLUSD is a U.S. dollar denominated stablecoin issued by Standard Custody & Trust Company, LLC (“SCTC”)… --- ## [Proposal: Lending USDe Backing Assets into Kamino and Jupiter on Solana](https://gov.ethenafoundation.com/t/proposal-lending-usde-backing-assets-into-kamino-and-jupiter-on-solana/785)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 0\ **Last updated:** [May 12, 2026, 9:09am UTC](https://gov.ethenafoundation.com/t/proposal-lending-usde-backing-assets-into-kamino-and-jupiter-on-solana/785 "2026-05-12T09:09:29Z")
Lending USDe Backing Assets into Kamino and Jupiter on Solana Lending USDe Backing Assets into Kamino and Jupiter on Solana Risk Assessment of the Proposed Isolated Instances Prepared by: Kairos Research For: Ethena Ris… --- ## [USDG as a USDe Backing Asset](https://gov.ethenafoundation.com/t/usdg-as-a-usde-backing-asset/782)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [May 7, 2026, 4:23pm UTC](https://gov.ethenafoundation.com/t/usdg-as-a-usde-backing-asset/782 "2026-05-07T16:23:56Z")
Summary LlamaRisk supports the onboarding of USDG as a backing asset for USDe. USDG (Global Dollar) is a fiat-backed, non-yield-bearing USD stablecoin issued by Paxos Digital Singapore Pte. Ltd. (PDS) under the Monetary… --- ## [Proposal: Expand USDe Backing with Tokenized Gold (PAXG & XAUT)](https://gov.ethenafoundation.com/t/proposal-expand-usde-backing-with-tokenized-gold-paxg-xaut/779)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 4\ **Last updated:** [April 16, 2026, 4:04pm UTC](https://gov.ethenafoundation.com/t/proposal-expand-usde-backing-with-tokenized-gold-paxg-xaut/779 "2026-04-16T16:04:29Z")
Tokenized Gold Basis Trade Review ( Part 1 of 4: Executive Summary & Gold Market Context ) This is Part 1 of a 4-part comprehensive evaluation of tokenized gold assets (PAXG and XAUT) as potential backing assets for USDe… --- ## [LlamaRisk | Legal Review of CBAM MLA](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-cbam-mla/778)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [April 15, 2026, 10:09pm UTC](https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-cbam-mla/778 "2026-04-15T22:09:55Z")
Summary LlamaRisk has conducted a legal review of the Master Loan Agreement governing Ethena’s reserve-backing asset deployment to Coinbase Asset Management (via Coinbase US Bitcoin Yield Fund LP). Scope of Review Llama… --- ## [Proposal: Holding Whitelabel Stablecoin Assets in USDe Backing](https://gov.ethenafoundation.com/t/proposal-holding-whitelabel-stablecoin-assets-in-usde-backing/777)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 1\ **Last updated:** [April 15, 2026, 1:51pm UTC](https://gov.ethenafoundation.com/t/proposal-holding-whitelabel-stablecoin-assets-in-usde-backing/777 "2026-04-15T13:51:05Z")
Proposal: Holding Whitelabel Stablecoin Assets in USDe Backing TL;DR Holding whitelabel stables like jupUSD and USDm in USDe backing is economically equivalent to holding USDtb directly, and allows Ethena to optimize b… --- ## [LlamaRisk | MLA Review Criteria for Ethena Institutional Lending Partners](https://gov.ethenafoundation.com/t/llamarisk-mla-review-criteria-for-ethena-institutional-lending-partners/776)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [April 14, 2026, 11:09am UTC](https://gov.ethenafoundation.com/t/llamarisk-mla-review-criteria-for-ethena-institutional-lending-partners/776 "2026-04-14T11:09:09Z")
Purpose LlamaRisk acts as legal reviewer for the Master Loan Agreements (“MLAs”) through which Ethena (BVI) Limited deploys reserve-backing assets to institutional lending counterparties. This note describes the criteria… --- ## [Reserve Fund: March 2026 Update](https://gov.ethenafoundation.com/t/reserve-fund-march-2026-update/775)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [April 8, 2026, 12:51pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-march-2026-update/775 "2026-04-08T12:51:31Z")
Summary This analysis is presented by LlamaRisk and Blockworks Advisory, members of the Risk Committee leading risk recommendations on the Reserve Fund. We periodically re-evaluate the fund’s size based on market conditi… --- ## [Proposal: Maple and Anchorage Digital as Direct Lending Partners](https://gov.ethenafoundation.com/t/proposal-maple-and-anchorage-digital-as-direct-lending-partners/756)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 3\ **Last updated:** [March 19, 2026, 11:36am UTC](https://gov.ethenafoundation.com/t/proposal-maple-and-anchorage-digital-as-direct-lending-partners/756 "2026-03-19T11:36:25Z")
Summary This proposal puts forward Maple and Anchorage as potential direct lending partners for the backing assets of USDe. If approved, stablecoins in the backing of USDe can be used to supply to Maple and Anchorage und… --- ## [Proposal: Adopt a Dynamic Cooldown Period for sUSDe Unstaking](https://gov.ethenafoundation.com/t/proposal-adopt-a-dynamic-cooldown-period-for-susde-unstaking/759)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 3\ **Last updated:** [March 16, 2026, 10:31am UTC](https://gov.ethenafoundation.com/t/proposal-adopt-a-dynamic-cooldown-period-for-susde-unstaking/759 "2026-03-16T10:31:00Z")
Summary This proposal suggests adopting a dynamic cooldown model for sUSDe unstaking, shifting away from the static 7 day requirement that has been used since launch. The proposed cooldown periods going forward are: 1 da… --- ## [Ethena Fee Switch models and OAK Research's recommendations](https://gov.ethenafoundation.com/t/ethena-fee-switch-models-and-oak-researchs-recommendations/770)
**Author:** [@OAKResearch](https://gov.ethenafoundation.com/u/OAKResearch)\ **Replies:** 0\ **Last updated:** [March 16, 2026, 9:44am UTC](https://gov.ethenafoundation.com/t/ethena-fee-switch-models-and-oak-researchs-recommendations/770 "2026-03-16T09:44:58Z")
During the Risk Committee election process, OAK Research argued that activating ENA buybacks today would be a mistake. We believe that criticism is not enough and while we were not selected for the fourth term committee,… --- ## [Ethena’s January and February 2026 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-january-and-february-2026-governance-update/753)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [March 6, 2026, 5:13pm UTC](https://gov.ethenafoundation.com/t/ethena-s-january-and-february-2026-governance-update/753 "2026-03-06T17:13:50Z")
Ethena’s January and February 2026 Governance Update Welcome to the first installment of this year’s monthly governance update, covering all major developments in January and February 2026. This report highlights signifi… --- ## [Reserve Fund: January & Early February 2026 Update](https://gov.ethenafoundation.com/t/reserve-fund-january-early-february-2026-update/748)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [February 10, 2026, 9:20am UTC](https://gov.ethenafoundation.com/t/reserve-fund-january-early-february-2026-update/748 "2026-02-10T09:20:35Z")
Summary This analysis is presented by LlamaRisk and Blockworks Advisory, members of the Risk Committee leading risk recommendations on the Reserve Fund. We will periodically re-evaluate the fund’s size based on market co… --- ## [Ethena's December 2025 Governance Update](https://gov.ethenafoundation.com/t/ethenas-december-2025-governance-update/734)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 1\ **Last updated:** [February 4, 2026, 8:59am UTC](https://gov.ethenafoundation.com/t/ethenas-december-2025-governance-update/734 "2026-02-04T08:59:35Z")
Ethena’s December 2025 Governance Update Welcome to the latest installment of Ethena’s monthly governance update, covering all major developments in December 2025. This report highlights significant protocol developments… --- ## [Proposal: Adding Kraken, Anchorage Digital and Zodia as Eligible Custodians for the Backing Assets of USDe](https://gov.ethenafoundation.com/t/proposal-adding-kraken-anchorage-digital-and-zodia-as-eligible-custodians-for-the-backing-assets-of-usde/732)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 4\ **Last updated:** [January 12, 2026, 9:35am UTC](https://gov.ethenafoundation.com/t/proposal-adding-kraken-anchorage-digital-and-zodia-as-eligible-custodians-for-the-backing-assets-of-usde/732 "2026-01-12T09:35:25Z")
This proposal requests the Ethena Risk Committee’s review of the following three entities as eligible custodians for the backing assets of USDe: Kraken Custody Anchorage Digital Zodia Custody For all three providers, … [Next page](https://gov.ethenafoundation.com/c/general/4.md?page=1)