Ethena is nearing the activation of the "fee switch" for the ENA token, promising to change the DeFi game.

Ethena Foundation has confirmed that it has completed the necessary conditions to activate the "fee switch" mechanism for the ENA token – a turning point that could change the distribution of benefits between the project and the community.

According to the announcement, the Risk Committee of Ethena is discussing the detailed implementation plan before putting it to a vote for the ENA holding community. This mechanism, if activated, will allow a portion of the protocol fees to be distributed directly to investors, creating long-term incentives and potential value appreciation for ENA.

Ethena's move is compared to Uniswap in the past, when just mentioning the fee switch caused the price of UNI to surge strongly due to expectations of new capital inflow. In the context of Bitcoin and altcoin recovery, Ethena could become a new focal point in the DeFi market.

However, retail investors remain cautious, emphasizing that all decisions must ensure transparency and strict risk management to avoid management loopholes.