Staking
ENA holders can stake ENA into sENA via the corresponding contract. Rewards will then begin to accrue (as sENA is structured as a 4626 reward pool) and can be extracted. When a user wishes to withdraw their sENA as ENA, they must first initiate a cooldown period. After this period, they will be able to withdraw their tokens. For up-to-date information, see the dApp (https://app.ethena.fi/overview).
Governance
In Ethena, voting is organized as follows: First, the members of the Risk Committee write proposals, which are then discussed in the forum (https://gov.ethenafoundation.com). Most protocol decisions are made by the committee, and ENA governance token holders primarily play a role in appointing committee members on a rotating basis.
Nomination
Any member of a committee who wishes to propose a specific change must do so in the governance forums. After posting, a seven-day deliberation period begins. During this time, members of the relevant committee discuss the merits of the proposal. After the deliberation period ends, a vote will be held among all voting members of the committee. All changes require the unanimous approval of the voting members.
If the proposal passes, the committee will instruct the relevant parties to implement the decision, subject to the Foundation's oversight. If the proposal fails, and no other Committee member besides the one who made the initial proposal votes in favor, Committee members who voted against the proposal are encouraged to provide a detailed rationale for their vote and, if relevant, suggested amendments to support the possibility of reaching consensus.
Risk Committee
The Risk Committee is elected on a rotating basis, with groups of three elected every six months. The total committee size is six. ENA holders with more than 1,000 ENA may nominate potential committee members in the governance forums. If a potential member accepts a nomination, the members of the committee whose seat is being filled will conduct a confirmation vote after determining the candidate's suitability.
After advancing past the aforementioned stages, a nominee will undergo KYC/KYB screening by the Ethena Foundation. If they pass these checks, they will be included in the broader governance vote for the open committee seats. The two nominees who receive the most votes will be appointed to the relevant committee and sign a Governance Committee Service Agreement with the Ethena Foundation. This agreement outlines the rights, obligations, compensation, and other terms associated with serving on the relevant committee.
Financial decisions
Proposals such as supplying a portion of the idle USDt, USDC, and USDT as lending collateral on Aave are submitted to a public vote conducted on the protocol .