The long-awaited news has finally arrived. Recently, I haven't been keeping up with much information and surprisingly missed it. Ethena's Risk Committee had previously set some indicators such as protocol revenue, liquidity pool security, and market size. Once these indicators are met, the fee switch will be activated.

The fee switch, in simple terms, means that a portion of the fees generated by the ENA protocol will be distributed to ENA token holders instead of being entirely retained in the treasury. This is similar to the concept of stock dividends. Previously, ENA was purely a governance token with no direct revenue. Once the fee switch is activated, ENA holders will be able to share in the protocol's fee revenue, transforming ENA into an asset with cash flow benefits.

In fact, Uniswap initially intended to implement this, but it was postponed for various reasons. Now, ENA is preparing to start, but it still requires confirmation of the specific implementation details from the Risk Committee, which will then be submitted for a vote by ENA holders before it can officially take effect.

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