# Latest **URL:** https://gov.ethenafoundation.com/latest.md?page=1 [Latest](https://gov.ethenafoundation.com/latest.md) · [Categories](https://gov.ethenafoundation.com/categories.md) · [Tags](https://gov.ethenafoundation.com/tags.md) **Page:** 2 --- ## [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… --- ## [Proposal: Reduction of Risk Committee members from 5 to 3](https://gov.ethenafoundation.com/t/proposal-reduction-of-risk-committee-members-from-5-to-3/735)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 10\ **Last updated:** [February 9, 2026, 11:46am UTC](https://gov.ethenafoundation.com/t/proposal-reduction-of-risk-committee-members-from-5-to-3/735 "2026-02-09T11:46:46Z")
After reflecting on how to best position the Risk Committee for success going forward, Ethena Labs Research is seeking to put forward a proposal for broad ENA tokenholder vote ahead of next week’s elections, suggesting a… --- ## [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, … --- ## [Publication of MiCAR-Compliant White Paper for the ENA Token](https://gov.ethenafoundation.com/t/publication-of-micar-compliant-white-paper-for-the-ena-token/728)
**Author:** [@governanceforum](https://gov.ethenafoundation.com/u/governanceforum)\ **Replies:** 0\ **Last updated:** [December 10, 2025, 1:13am UTC](https://gov.ethenafoundation.com/t/publication-of-micar-compliant-white-paper-for-the-ena-token/728 "2025-12-10T01:13:58Z")
Ethena OpCo announces the publication of the MiCAR-compliant White Paper for the ENA token. The full White Paper may be accessed here: \[link\] --- ## [ Reserve Fund Subcommittee November 2025 Update](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-november-2025-update/727)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [December 9, 2025, 2:50pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-november-2025-update/727 "2025-12-09T14:50:03Z")
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 November 2025 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-november-2025-governance-update/726)
**Author:** [@Kairos\_Res](https://gov.ethenafoundation.com/u/Kairos_Res)\ **Replies:** 0\ **Last updated:** [December 9, 2025, 2:49pm UTC](https://gov.ethenafoundation.com/t/ethena-s-november-2025-governance-update/726 "2025-12-09T14:49:51Z")
Ethena: November 2025 Governance Update Prepared by Kairos Research 1. Overview This report summarizes key governance, risk, and ecosystem developments for the Ethena protocol during November 2025. The month was defin… --- ## [Proposal: USDe Redeem for Dislocations on Secondary Markets](https://gov.ethenafoundation.com/t/proposal-usde-redeem-for-dislocations-on-secondary-markets/712)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 5\ **Last updated:** [November 21, 2025, 12:25pm UTC](https://gov.ethenafoundation.com/t/proposal-usde-redeem-for-dislocations-on-secondary-markets/712 "2025-11-21T12:25:43Z")
Summary This proposal outlines a suggested mechanic whereby: Ethena currently has $5bn of stablecoins in the backing of USDe, most of which are readily available and liquid to meet redemption requirements at any given… --- ## [Ethena's October 2025 Governance Update](https://gov.ethenafoundation.com/t/ethenas-october-2025-governance-update/711)
**Author:** [@steakhouse](https://gov.ethenafoundation.com/u/steakhouse)\ **Replies:** 0\ **Last updated:** [November 17, 2025, 11:11am UTC](https://gov.ethenafoundation.com/t/ethenas-october-2025-governance-update/711 "2025-11-17T11:11:12Z")
Welcome to October’s monthly governance update, summarizing Ethena’s major developments since the last update. This report highlights an analysis of the October volatility as well as major partnership announcements for E… --- ## [Reserve Fund Subcommittee October 2025 Update](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-october-2025-update/709)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [November 3, 2025, 3:46pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-october-2025-update/709 "2025-11-03T15:46:57Z")
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… --- ## [Proposal: Add PYUSD and USDG as a USDe Backing Asset and Eligible Asset for the Reserve Fund](https://gov.ethenafoundation.com/t/proposal-add-pyusd-and-usdg-as-a-usde-backing-asset-and-eligible-asset-for-the-reserve-fund/692)
**Author:** [@steakhouse](https://gov.ethenafoundation.com/u/steakhouse)\ **Replies:** 1\ **Last updated:** [October 27, 2025, 11:37am UTC](https://gov.ethenafoundation.com/t/proposal-add-pyusd-and-usdg-as-a-usde-backing-asset-and-eligible-asset-for-the-reserve-fund/692 "2025-10-27T11:37:11Z")
Summary The Risk Committee is opening discussion on the addition of PYUSD and USDG as eligible assets for the Reserve Fund and as backing for USDe. Both tokens are issued by Paxos under the same contractual framework, w… --- ## [USDe Analysis during the Oct 10th-11th Volatility Event](https://gov.ethenafoundation.com/t/usde-analysis-during-the-oct-10th-11th-volatility-event/706)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [October 15, 2025, 4:23pm UTC](https://gov.ethenafoundation.com/t/usde-analysis-during-the-oct-10th-11th-volatility-event/706 "2025-10-15T16:23:15Z")
USDe Analysis during the Oct 10th-11th Volatility Event Executive Summary Oct 10, 2025 saw a sharp, broad-based selloff across digital assets, with elevated liquidations and forced deleveraging in derivatives. Our focus … --- ## [ Ethena’s September 2025 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-september-2025-governance-update/704)
**Author:** [@muntangled](https://gov.ethenafoundation.com/u/muntangled)\ **Replies:** 0\ **Last updated:** [October 9, 2025, 8:45pm UTC](https://gov.ethenafoundation.com/t/ethena-s-september-2025-governance-update/704 "2025-10-09T20:45:46Z")
Welcome to the latest monthly governance update, summarizing Ethena’s major developments in September 2025. This report highlights treasury expansion, centralized exchange integrations, ecosystem partnerships, and govern… --- ## [Reserve Fund Subcommittee September 2025 Update ](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-september-2025-update/703)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [October 9, 2025, 8:42pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-september-2025-update/703 "2025-10-09T20:42:49Z")
Ethena Monthly Reserve Fund Recommendations: September Summary This analysis is presented by LlamaRisk and Blockworks Advisory, members of the Risk Committee leading risk recommendations on the Reserve Fund. We will peri… --- ## [Proposal: Onboarding Aave's aUSDC and aUSDT as USDe Backing Assets](https://gov.ethenafoundation.com/t/proposal-onboarding-aaves-ausdc-and-ausdt-as-usde-backing-assets/532)
**Author:** [@Stani](https://gov.ethenafoundation.com/u/Stani)\ **Replies:** 5\ **Last updated:** [September 25, 2025, 3:30am UTC](https://gov.ethenafoundation.com/t/proposal-onboarding-aaves-ausdc-and-ausdt-as-usde-backing-assets/532 "2025-09-25T03:30:14Z")
Summary This proposal seeks to onboard Aave’s aUSDC and aUSDT as eligible backing assets for USDe. Both assets offer deep liquidity and competitive return opportunities, enhancing the resilience and capital efficiency of… --- ## [Ethena's August 2025 Governance Update](https://gov.ethenafoundation.com/t/ethenas-august-2025-governance-update/689)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [September 4, 2025, 7:59am UTC](https://gov.ethenafoundation.com/t/ethenas-august-2025-governance-update/689 "2025-09-04T07:59:31Z")
Ethena Governance Report: August 2025 Welcome to the latest installment of Ethena’s monthly governance update, covering all major developments in August 2025. This report highlights significant protocol growth, key risk … --- ## [Reserve Fund Subcommittee August 2025 Update](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-august-2025-update/685)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [August 26, 2025, 8:29am UTC](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-august-2025-update/685 "2025-08-26T08:29:59Z")
Ethena Monthly Reserve Fund Recommendations: August Summary This analysis is presented by LlamaRisk and Blockworks Advisory, members of the Risk Committee leading risk recommendations on the Reserve Fund. We will periodi… --- ## [Ethena Allocation Assessment: Backing assets into Morpho (Steakhouse Vaults)](https://gov.ethenafoundation.com/t/ethena-allocation-assessment-backing-assets-into-morpho-steakhouse-vaults/684)
**Author:** [@muntangled](https://gov.ethenafoundation.com/u/muntangled)\ **Replies:** 1\ **Last updated:** [August 26, 2025, 8:23am UTC](https://gov.ethenafoundation.com/t/ethena-allocation-assessment-backing-assets-into-morpho-steakhouse-vaults/684 "2025-08-26T08:23:55Z")
This analysis was conducted by Blockworks Advisory and Untangled. Overview This document provides a quantitative framework to assess the allocation of USDTb and USDT from USDe’s backing into Morpho vaults, specifically … --- ## [Ethena Backing Asset Framework](https://gov.ethenafoundation.com/t/ethena-backing-asset-framework/683)
**Author:** [@quntangled](https://gov.ethenafoundation.com/u/quntangled)\ **Replies:** 0\ **Last updated:** [August 22, 2025, 8:30am UTC](https://gov.ethenafoundation.com/t/ethena-backing-asset-framework/683 "2025-08-22T08:30:18Z")
Introduction The Ethena Risk Committee presents the Eligible Asset Framework, which represents a new approach to eligible backing assets specifically for the perpetual futures portion of the backing of USDe. The Committe… --- ## [Announcement: Ethena Foundation Risk Committee Third Term Elections](https://gov.ethenafoundation.com/t/announcement-ethena-foundation-risk-committee-third-term-elections/621)
**Author:** [@governanceforum](https://gov.ethenafoundation.com/u/governanceforum)\ **Replies:** 9\ **Last updated:** [August 15, 2025, 6:25pm UTC](https://gov.ethenafoundation.com/t/announcement-ethena-foundation-risk-committee-third-term-elections/621 "2025-08-15T18:25:29Z")
Dear Ethena Community, We are pleased to announce the reelection process for the Ethena Foundation Risk Committee. This presents a valuable opportunity for suitably skilled and qualified participants to join the governa… --- ## [Ethena’s July 2025 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-july-2025-governance-update/670)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [August 12, 2025, 10:55am UTC](https://gov.ethenafoundation.com/t/ethena-s-july-2025-governance-update/670 "2025-08-12T10:55:11Z")
Ethena Governance Report: July 2025 Welcome to the latest installment of Ethena’s monthly governance update, covering all major developments in July 2025. This report highlights significant protocol growth, key risk metr… --- ## [Risk Committee Reelection Processs](https://gov.ethenafoundation.com/t/risk-committee-reelection-processs/461)
**Author:** [@governanceforum](https://gov.ethenafoundation.com/u/governanceforum)\ **Replies:** 9\ **Last updated:** [February 14, 2025, 8:55pm UTC](https://gov.ethenafoundation.com/t/risk-committee-reelection-processs/461 "2025-02-14T20:55:44Z")
Dear Ethena Community, We are pleased to announce the reelection process for the Ethena Foundation Risk Committee. This presents a valuable opportunity for suitably skilled and qualified participants to join the governa… --- ## [Proposal: Coinbase INTX as an eligible hedging venue](https://gov.ethenafoundation.com/t/proposal-coinbase-intx-as-an-eligible-hedging-venue/617)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 3\ **Last updated:** [July 22, 2025, 5:29pm UTC](https://gov.ethenafoundation.com/t/proposal-coinbase-intx-as-an-eligible-hedging-venue/617 "2025-07-22T17:29:54Z")
This proposal requests that Ethena integrate with Coinbase International Exchange (INTX) as an eligible venue for a portion of its hedging flow, subject to technical and risk due diligence by the Ethena Risk Committee. I… --- ## [Reserve Fund Subcommittee July 2025 Update](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-july-2025-update/623)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [July 17, 2025, 3:37pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-july-2025-update/623 "2025-07-17T15:37:37Z")
Ethena Monthly Reserve Fund Recommendations 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… --- ## [Ethena's June 2025 Governance Update](https://gov.ethenafoundation.com/t/ethenas-june-2025-governance-update/613)
**Author:** [@BA-Labs](https://gov.ethenafoundation.com/u/BA-Labs)\ **Replies:** 0\ **Last updated:** [July 3, 2025, 8:58am UTC](https://gov.ethenafoundation.com/t/ethenas-june-2025-governance-update/613 "2025-07-03T08:58:17Z")
Ethena’s June 2025 Governance Update BA Labs is presenting the governance update for June on behalf of the Ethena Risk Committee, covering protocol metrics, proposals, and other key news from the past month. Key Takeawa… --- ## [Reserve Fund Subcommittee June 2025 Update](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-june-2025-update/596)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [June 13, 2025, 8:31am UTC](https://gov.ethenafoundation.com/t/reserve-fund-subcommittee-june-2025-update/596 "2025-06-13T08:31:51Z")
Ethena Monthly Reserve Fund Recommendations 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… --- ## [Ethena’s May 2025 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-may-2025-governance-update/587)
**Author:** [@steakhouse](https://gov.ethenafoundation.com/u/steakhouse)\ **Replies:** 0\ **Last updated:** [June 2, 2025, 8:05am UTC](https://gov.ethenafoundation.com/t/ethena-s-may-2025-governance-update/587 "2025-06-02T08:05:52Z")
We are pleased to present the third installment of Ethena’s monthly governance update, covering all the latest developments in the month of May. This report reviews the latest protocol metrics, governance proposals, and … --- ## [Proposal: Ethena Supplying USDtb to Aave market](https://gov.ethenafoundation.com/t/proposal-ethena-supplying-usdtb-to-aave-market/572)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 4\ **Last updated:** [May 15, 2025, 10:41am UTC](https://gov.ethenafoundation.com/t/proposal-ethena-supplying-usdtb-to-aave-market/572 "2025-05-15T10:41:29Z")
Summary This proposal seeks to improve the capital efficiency of the backing assets of USDe by utilizing a portion of the idle USDtb as lending collateral on Aave. As one of the blue chip lending protocols, lending on Aa… --- ## [Ethena’s April 2025 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-april-2025-governance-update/567)
**Author:** [@muntangled](https://gov.ethenafoundation.com/u/muntangled)\ **Replies:** 0\ **Last updated:** [May 8, 2025, 1:34pm UTC](https://gov.ethenafoundation.com/t/ethena-s-april-2025-governance-update/567 "2025-05-08T13:34:28Z")
Welcome to the second installment of Ethena’s monthly governance update, covering all major developments in April 2025. This report highlights protocol improvements, community growth, governance actions, treasury updates… --- ## [Proposal: Allocating a portion of excess Reserve Fund assets to USDe backing](https://gov.ethenafoundation.com/t/proposal-allocating-a-portion-of-excess-reserve-fund-assets-to-usde-backing/555)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 1\ **Last updated:** [April 29, 2025, 3:40pm UTC](https://gov.ethenafoundation.com/t/proposal-allocating-a-portion-of-excess-reserve-fund-assets-to-usde-backing/555 "2025-04-29T15:40:44Z")
Summary This proposal suggests reducing the Reserve Fund size by $5m to mirror the reduction in USDe supply from 6bn to 4.8bn in the last few months. Furthermore, it is prudent to revisit overall sizing requirements for … [Previous page](https://gov.ethenafoundation.com/latest.md) [Next page](https://gov.ethenafoundation.com/latest.md?page=2)