Ethena Labs has put forward a governance proposal to replace the protocol's static 7-day sUSDe unstaking cooldown with a dynamic model that adjusts based on the composition of USDe's backing assets.
The proposed framework would introduce cooldown periods of 1, 3, 5, or 7 days, depending on how USDe's reserves are allocated at any given time.
The timing is notable. Ethena's deployed capital has fallen to just $791 million, a decline of over 85% from its all-time high. The contraction reflects broader risk-off market conditions, with bulls and bears now nearly evenly matched in the derivatives market, an unusual condition that has made the basis trade far less profitable.
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