Demex Daily #286: Ethena Approves Fee Switch for Revenue Sharing by Nov 30

What’s Interesting Today:

The Ethena Foundation has approved the activation of its fee switch, set to allow revenue sharing with ENA token holders by November 30. Following the governance vote, the price of ENA has increased by 15%, reaching $0.60. Ethena, currently generating a record $9.5 million in weekly revenue, uses a variety of yield strategies to drive earnings. With a TVL of $3.3 billion, it is one of the largest DeFi protocols, and this fee switch could pave the way for broader revenue-sharing practices in the DeFi sector.

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Spark has launched the Spark Liquidity Layer, enabling multi-chain functionality for Sky's USDS stablecoin. This allows users to convert USDC into USDS or yield-bearing sUSDS across multiple blockchains, with plans to support USDT in the future. The liquidity layer enhances cross-chain liquidity and yield optimization. Support for additional networks like Base, Arbitrum, Polygon, Optimism, and Solana is expected by December. This development is part of the Sky ecosystem's push to increase USDS adoption, which recently surpassed a $1 billion market cap.

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