It was bound to happen eventually. Lately, I haven’t been keeping up with much news, and I actually missed this—Ethena’s Risk Committee had previously set some metrics like protocol revenue, pool security, market size, etc. Once these metrics are met, the fee switch gets activated. Fee switch, in plain terms, means that part of the fees and income generated by the ENA protocol will be distributed to ENA token holders, instead of all of it staying in the treasury. It’s basically like a dividend concept for shareholders. Previously, ENA was purely a governance token with no direct income. Once the fee switch is turned on, ENA holders will be able to share in the protocol’s fee revenue, effectively turning ENA into an asset with cash flow benefits. Actually, this is something Uniswap wanted to do back in the day, but it’s been postponed for various reasons. Now ENA is preparing to move forward with it. However, the Risk Committee still needs to confirm the specific implementation details, and then it will be submitted for a vote by ENA holders before it officially takes effect.