PANews reported on November 7 that Wintermute proposed the "ENA Fee Conversion" proposal in the Ethena Governance Forum, suggesting that part of the protocol revenue be approved to flow to sENA and provide clear parameters for future implementation. The proposal requires the Ethena Risk Committee to set revenue distribution conditions for protocol maturity, such as USDe circulation and protocol revenue levels. At the same time, Wintermute called on the Ethena Foundation to disclose the historical and future distribution of protocol revenue to ensure transparency and alignment with the interests of ENA/sENA holders.