Ethena

Represents participation in protocol governance (voting) to acquire governance value. Governance is carried out via a forum and a snapshot. The scope includes Risk Committee elections and ENA-scoped proposals.

Represents governance value originating from influencing the Risk Committee composition and the protocol-wide ENA-scoped decisions (in particular, the list of admissible backing assets for Ethena's stablecoin USDe and allocating Reserve Fund funds).

ENA may also be locked into sENA. Lock-up doesn't expose stake to slashing risks.. Locked sENA positions will be available to withdraw 14 days after unlocking. This is in addition to the 7 day sENA unstaking cooldown.

The Risk Exposure Origin of Value appears here due to having a particular unstaking period and only means absence of transferability rights during this time.

Note that sENA is liquid.

Represents cashflow for sENA owners originating from various sources in Ethena ecosystem. In particular, the Ethereal DEX allocates 15% of its token supply to sENA holders.

These rewards are distributed during reward seasons, during which particular details (such as unlocking cooldowns) may change. For this reason, it is best to consult the dApp for up-to-date information.