# Top **URL:** https://gov.ethenafoundation.com/top.md [Latest](https://gov.ethenafoundation.com/latest.md) · [Categories](https://gov.ethenafoundation.com/categories.md) · [Tags](https://gov.ethenafoundation.com/tags.md) --- ## [Wintermute Governance: Proposal for ENA Fee Switch](https://gov.ethenafoundation.com/t/wintermute-governance-proposal-for-ena-fee-switch/306)
**Author:** [@WintermuteGovernance](https://gov.ethenafoundation.com/u/WintermuteGovernance)\ **Replies:** 20\ **Last updated:** [November 15, 2024, 8:41pm UTC](https://gov.ethenafoundation.com/t/wintermute-governance-proposal-for-ena-fee-switch/306 "2024-11-15T20:41:44Z")
Summary To date, there has been limited guidance publicly on the structural framework of the Ethena protocol, specifically with regards to the flow of protocol revenue. There has also been no guidance on how ENA could p… --- ## [Introducing Ethereal: Request to Ethena Governance on Integration](https://gov.ethenafoundation.com/t/introducing-ethereal-request-to-ethena-governance-on-integration/154)
**Author:** [@Fells0x](https://gov.ethenafoundation.com/u/Fells0x)\ **Replies:** 19\ **Last updated:** [October 24, 2024, 8:27am UTC](https://gov.ethenafoundation.com/t/introducing-ethereal-request-to-ethena-governance-on-integration/154 "2024-10-24T08:27:52Z")
Summary This proposal introduces Ethereal: an integrated spot & perpetual futures DEX built on the upcoming Ethena Network using USDe. We are requesting that Ethereal be directly integrated into Ethena-related reserve ma… --- ## [Ethena Allocation Template for RWA/Reward-Accruing Assets](https://gov.ethenafoundation.com/t/ethena-allocation-template-for-rwa-reward-accruing-assets/31)
**Author:** [@governanceforum](https://gov.ethenafoundation.com/u/governanceforum)\ **Replies:** 13\ **Last updated:** [August 16, 2024, 5:16pm UTC](https://gov.ethenafoundation.com/t/ethena-allocation-template-for-rwa-reward-accruing-assets/31 "2024-08-16T17:16:26Z")
Summary Entities seeking an allocation from the Reserve Fund or from the USDT backing of USDe, for their RWA/yield-bearing/reward-accruing asset, must complete the following template for submission to Ethena Governance. … --- ## [Hyperliquid Ethena Liquidity and USDe Integration](https://gov.ethenafoundation.com/t/hyperliquid-ethena-liquidity-and-usde-integration/268)
**Author:** [@shoku](https://gov.ethenafoundation.com/u/shoku)\ **Replies:** 9\ **Last updated:** [November 12, 2024, 10:01am UTC](https://gov.ethenafoundation.com/t/hyperliquid-ethena-liquidity-and-usde-integration/268 "2024-11-12T10:01:06Z")
Summary This proposal requests that Ethena integrate the Hyperliquid L1 (“Hyperliquid”) as an eligible venue for a portion of its hedging flow, subject to technical and legal due diligence by the Ethena Foundation. If ap… --- ## [Proposal: Onboard SOL as a USDe Backing Asset](https://gov.ethenafoundation.com/t/proposal-onboard-sol-as-a-usde-backing-asset/232)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 14\ **Last updated:** [November 20, 2024, 4:52pm UTC](https://gov.ethenafoundation.com/t/proposal-onboard-sol-as-a-usde-backing-asset/232 "2024-11-20T16:52:28Z")
Summary This proposal recommends an allocation of USDe’s backing to SOL utilizing substantially the same mechanics as Ethena’s hedging mechanism currently in place with BTC and ETH perpetual futures. The proposed alloc… --- ## [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… --- ## [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… --- ## [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… --- ## [Announcement: Ethena Foundation Risk Committee Re-election (Aug 2026)](https://gov.ethenafoundation.com/t/announcement-ethena-foundation-risk-committee-re-election-aug-2026/811)
**Author:** [@governanceforum](https://gov.ethenafoundation.com/u/governanceforum)\ **Replies:** 11\ **Last updated:** [August 10, 2026, 11:15am UTC](https://gov.ethenafoundation.com/t/announcement-ethena-foundation-risk-committee-re-election-aug-2026/811 "2026-08-10T11:15:07Z")
Dear Ethena Community, We are pleased to announce the re-election process for the Ethena Foundation Risk Committee. This presents a valuable opportunity for suitably skilled and qualified participants to join the govern… --- ## [ENA Fee Switch Parameters](https://gov.ethenafoundation.com/t/ena-fee-switch-parameters/396)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 3\ **Last updated:** [December 6, 2024, 7:44pm UTC](https://gov.ethenafoundation.com/t/ena-fee-switch-parameters/396 "2024-12-06T19:44:47Z")
Following the general approval of the sENA “fee switch” proposal earlier this month, the Ethena Risk Committee deliberated to crystallize the parameters which the Ethena protocol needed to meet to activate it. After mul… --- ## [Derive Ethena Liquidity and USDe Integration](https://gov.ethenafoundation.com/t/derive-ethena-liquidity-and-usde-integration/420)
**Author:** [@ksett](https://gov.ethenafoundation.com/u/ksett)\ **Replies:** 3\ **Last updated:** [January 17, 2025, 12:53pm UTC](https://gov.ethenafoundation.com/t/derive-ethena-liquidity-and-usde-integration/420 "2025-01-17T12:53:17Z")
Summary This proposal requests that Ethena integrate Derive as an eligible venue for a portion of its hedging flow, subject to technical and legal due diligence by the Ethena Foundation. If approved, the proposed integra… --- ## [Proposal: USDtb as a USDe Backing Asset and Eligible Asset for the Reserve Fund](https://gov.ethenafoundation.com/t/proposal-usdtb-as-a-usde-backing-asset-and-eligible-asset-for-the-reserve-fund/385)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 5\ **Last updated:** [December 11, 2024, 4:20pm UTC](https://gov.ethenafoundation.com/t/proposal-usdtb-as-a-usde-backing-asset-and-eligible-asset-for-the-reserve-fund/385 "2024-12-11T16:20:01Z")
Summary This proposal requests Ethena’s Risk Committee to consider approving USDtb as a backing asset for USDe and as an eligible asset for the Reserve Fund, ahead of USDtb’s launch next week. “USDtb” is a stablecoin cr… --- ## [Reserve Fund | UBS Money Market Investment Fund ("uMINT")](https://gov.ethenafoundation.com/t/reserve-fund-ubs-money-market-investment-fund-umint/474)
**Author:** [@ryanciz](https://gov.ethenafoundation.com/u/ryanciz)\ **Replies:** 1\ **Last updated:** [February 28, 2025, 11:59am UTC](https://gov.ethenafoundation.com/t/reserve-fund-ubs-money-market-investment-fund-umint/474 "2025-02-28T11:59:17Z")
DigiFT(As authorized distributor of UBS uMINT) Proposal To Ethena Disclaimer: All information provided within this proposal is intended for use by Ethena only and is not intended for public use outside of Ethena’s netwo… --- ## [Ethena’s 1st Monthly Governance Update](https://gov.ethenafoundation.com/t/ethena-s-1st-monthly-governance-update/544)
**Author:** [@BlockworksAdvisory](https://gov.ethenafoundation.com/u/BlockworksAdvisory)\ **Replies:** 0\ **Last updated:** [April 7, 2025, 4:01pm UTC](https://gov.ethenafoundation.com/t/ethena-s-1st-monthly-governance-update/544 "2025-04-07T16:01:49Z")
Welcome to the first installment of the new monthly Ethena governance update. In this report, we’ll highlight notable developments across the Ethena ecosystem and recap the Risk Committee’s recent efforts, ensuring you s… --- ## [RWA Reserve Fund Allocation: Winners](https://gov.ethenafoundation.com/t/rwa-reserve-fund-allocation-winners/235)
**Author:** [@EthenaLabs\_Research](https://gov.ethenafoundation.com/u/EthenaLabs_Research)\ **Replies:** 0\ **Last updated:** [October 10, 2024, 11:49am UTC](https://gov.ethenafoundation.com/t/rwa-reserve-fund-allocation-winners/235 "2024-10-10T11:49:19Z")
Summary The Risk Committee has completed its deliberation on the submissions for the Ethena Reserve Fund RWA allocation. This post formally announces the results of the contest and gives a brief overview of the rationale… --- ## [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 … --- ## [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: 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… --- ## [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… --- ## [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… --- ## [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 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,… --- ## [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 … --- ## [Reserve Fund Application by Aave](https://gov.ethenafoundation.com/t/reserve-fund-application-by-aave/152)
**Author:** [@ACI](https://gov.ethenafoundation.com/u/ACI)\ **Replies:** 0\ **Last updated:** [September 29, 2024, 8:19pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-application-by-aave/152 "2024-09-29T20:19:08Z")
Applicant information Name: Aave DAO Key Information: aUSDC is an interest-bearing token representing USDC deposits in Aave’s decentralized lending protocol. Expected APY: Variable with an average of 5.8% over the pas… --- ## [Reserve Fund Application by Usual](https://gov.ethenafoundation.com/t/reserve-fund-application-by-usual/105)
**Author:** [@iholdspot](https://gov.ethenafoundation.com/u/iholdspot)\ **Replies:** 0\ **Last updated:** [August 13, 2024, 10:08am UTC](https://gov.ethenafoundation.com/t/reserve-fund-application-by-usual/105 "2024-08-13T10:08:51Z")
Proposal Summary: Integrating USD0++ into Ethena’s Reserve Fund Applicant Information • Name: Usual DAO • Key Information: • Asset Name: USD0++ (Wrapped and locked version of USD0) Address : • Expected APY: Curre… --- ## [Bybit Incident Post-Mortem: Ethena's Risk Mitigation and Resilience](https://gov.ethenafoundation.com/t/bybit-incident-post-mortem-ethenas-risk-mitigation-and-resilience/518)
**Author:** [@LlamaRisk](https://gov.ethenafoundation.com/u/LlamaRisk)\ **Replies:** 0\ **Last updated:** [February 28, 2025, 11:59am UTC](https://gov.ethenafoundation.com/t/bybit-incident-post-mortem-ethenas-risk-mitigation-and-resilience/518 "2025-02-28T11:59:22Z")
Introduction Following the recent wallet hack at Bybit, the market quickly adjusted the risk pricing for Ethena’s protocol. Specifically, the secondary market prices for sUSDe and USDe were affected due to approximately … --- ## [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 | Ondo Finance (USDY)](https://gov.ethenafoundation.com/t/reserve-fund-ondo-finance-usdy/108)
**Author:** [@nathanlallman](https://gov.ethenafoundation.com/u/nathanlallman)\ **Replies:** 0\ **Last updated:** [August 13, 2024, 10:09am UTC](https://gov.ethenafoundation.com/t/reserve-fund-ondo-finance-usdy/108 "2024-08-13T10:09:11Z")
Applicant information Name: Ondo Finance Inc. (and our controlled affiliate, Ondo USDY LLC) Email: partnerships@ondo.finance Key Information: USDY is a tokenized note secured predominantly by short-term US Treasuries … --- ## [Reserve Fund diversification considerations and USDL (Lift Dollar)](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-usdl-lift-dollar/73)
**Author:** [@Paxos-International](https://gov.ethenafoundation.com/u/Paxos-International)\ **Replies:** 0\ **Last updated:** [July 30, 2024, 5:40pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-usdl-lift-dollar/73 "2024-07-30T17:40:19Z")
Applicant Information Name Paxos Issuance MENA, Ltd (Paxos International) Key Information Expected APY ~5.05% - see this dashboard. Yield is distributed daily, directly on-chain at around 8:30am EST. Underlying a… --- ## [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… --- ## [Reserve Fund diversification considerations and USDM (Mountain Protocol)](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-usdm-mountain-protocol/68)
**Author:** [@mcarrica](https://gov.ethenafoundation.com/u/mcarrica)\ **Replies:** 1\ **Last updated:** [September 6, 2024, 7:20pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-usdm-mountain-protocol/68 "2024-09-06T19:20:48Z")
Applicant information Name Mountain Protocol Limited Key Information Address (Headquarters): Rosebank Centre, 5th floor, 11, Bermudiana Road, City, State, Postal Code: Pembroke, Hamilton, HM08. Country: Bermuda Websi… --- ## [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… --- ## [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 … --- ## [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… --- ## [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… --- ## [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… --- ## [Reserve Fund diversification considerations and Angle Protocol stUSD](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-angle-protocol-stusd/44)
**Author:** [@sogipec](https://gov.ethenafoundation.com/u/sogipec)\ **Replies:** 0\ **Last updated:** [July 24, 2024, 2:29pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-angle-protocol-stusd/44 "2024-07-24T14:29:53Z")
Applicant information Name: Angle Protocol and stUSD passive income solution Key information: stUSD is a savings solution built on top of the USDA decentralized stablecoin by the Angle Protocol. It seeks to offer a yi… --- ## [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… --- ## [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… --- ## [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: 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… --- ## [Ethena Risk Committee Fifth Term: Official Committee Announcement](https://gov.ethenafoundation.com/t/ethena-risk-committee-fifth-term-official-committee-announcement/829)
**Author:** [@governanceforum](https://gov.ethenafoundation.com/u/governanceforum)\ **Replies:** 0\ **Last updated:** [August 21, 2026, 8:50pm UTC](https://gov.ethenafoundation.com/t/ethena-risk-committee-fifth-term-official-committee-announcement/829 "2026-08-21T20:50:00Z")
The Ethena Risk Committee fifth term election closed on 10th August. Kairos Research, OAK Research and K3 recorded the three highest vote totals, with Blockworks receiving the fourth most votes. Following the completion… --- ## [ 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… --- ## [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 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… --- ## [Reserve Fund diversification considerations and steakUSDC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-steakusdc/35)
**Author:** [@steakhouse](https://gov.ethenafoundation.com/u/steakhouse)\ **Replies:** 0\ **Last updated:** [July 22, 2024, 9:38am UTC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-steakusdc/35 "2024-07-22T09:38:38Z")
Applicant information Name: Steakhouse USDC MetaMorpho Vault: Morpho | Earn Key Information: $50m TVL currently in vault, $1.7b+ TVL on Morpho Blue Steakhouse Financial is the largest curator of Morpho vaults with no… --- ## [Reserve Fund diversification considerations and Etherfuse CETES](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-etherfuse-cetes/71)
**Author:** [@etherfuse](https://gov.ethenafoundation.com/u/etherfuse)\ **Replies:** 0\ **Last updated:** [July 30, 2024, 1:59am UTC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-etherfuse-cetes/71 "2024-07-30T01:59:36Z")
Applicant information Etherfuse looks forward to participating in Ethena’s allocation. We can help diversify by allocating a portion of the fund to safe, high-yield Mexican treasuries. Expected APY : The expected A… --- ## [Reserve Fund Application by Maple Finance and Syrup ](https://gov.ethenafoundation.com/t/reserve-fund-application-by-maple-finance-and-syrup/98)
**Author:** [@Martin\_Maple](https://gov.ethenafoundation.com/u/Martin_Maple)\ **Replies:** 0\ **Last updated:** [August 12, 2024, 8:28am UTC](https://gov.ethenafoundation.com/t/reserve-fund-application-by-maple-finance-and-syrup/98 "2024-08-12T08:28:12Z")
Applicant information Name: Maple Finance & Syrup Pool: https://syrup.fi/lend Key Information/Summary $58M+ TVL in Syrup currently, $300M+ TVL on Maple. Maple Finance is the leading institutional lending protocol in t… --- ## [Reserve Fund diversification considerations and sGYD (Gyroscope)](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-sgyd-gyroscope/89)
**Author:** [@jooooo5as](https://gov.ethenafoundation.com/u/jooooo5as)\ **Replies:** 0\ **Last updated:** [August 7, 2024, 2:39pm UTC](https://gov.ethenafoundation.com/t/reserve-fund-diversification-considerations-and-sgyd-gyroscope/89 "2024-08-07T14:39:20Z")
Applicant information Name: Gyroscope (Gyroscope Foundation) Key Information: Gyroscope issues the yield-bearing stablecoin sGYD, which is based on the ERC4626 standard. It aims to provide a boosted yield rate on … --- ## [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… [Next page](https://gov.ethenafoundation.com/top.md?page=1&per_page=50)