ENA fee switch, passages used. Read in a browser on 2026-10-12 and 2026-10-13 UTC. The passages are
summaries in this review's words with the sources' figures, not quotations.

1. Ethena Foundation governance forum, topic 830, ENA Fee Switch Activation
The raw text of the topic, https://gov.ethenafoundation.com/raw/830 , was read at 2026-10-12T23:58:26Z. It had
33371 characters and the SHA-256 45ccdceeb6410b652550cc79d20641f56433a1f8b9ec28ba34e58fb7d606dab5, the same
text as read at 21:46:21Z for the reserve fund review of the same day. The topic held six posts. Each post's
raw text was read from https://gov.ethenafoundation.com/raw/830/<post number>.

post | account             | created (UTC)        | characters | SHA-256 of the raw post
1    | EthenaLabs_Research | 2026-08-27 13:59:31  | 1814       | bf8d2fc0069d277f08167fcf0e44e29cd9c837d4033c12a8685fce28e6724aeb
2    | BlockworksAdvisory  | 2026-08-27 14:12:05  | 20362      | 5d9b2b41ad70210fa8fc29c6f579cb9a309337dfaabecf498c0a7b2c8d0c9506
3    | Kairos_Res          | 2026-08-27 14:12:13  | 290        | b63c69cb7f59bc76efca7525b8161542bd66a4269fc7e0c9341327e429eaf29f
4    | OAKResearch         | 2026-08-27 15:56:21  | 6478       | 60ae2956883df0e44f410b6a6f08bc8e6ce1b00850a167ccd4f648e7ccf08a93
5    | governanceforum     | 2026-09-08 10:48:47  | 360        | 8e58b9dba0a929c20ec712f5abbf8cabea580a88a519f132685537ef50cd9bb7
6    | an individual       | 2026-10-12 14:43:46  | 3613       | a5659ba017ce99e03666e14ff0b54e5de2b6a4e591e56634277a15d3d5dd1a6a

P1. Ethena Labs Research, writing with the Ethena Risk Committee, proposed milestones for turning on the ENA
fee switch and put them to a vote of ENA holders. The share of protocol revenue that goes to buying back ENA
rises at each milestone of USDe circulating supply. The schedule was meant to support growth back to about
$15b of USDe supply, the level of 2025, and the milestones replace parameters the Risk Committee had suggested
earlier. Ethena had three business lines, USDe savings, whitelabel stablecoins and Ethena [X], which was to
launch the following week. Once the first milestone is reached, 95% of the net revenue of these lines that is
paid to the Ethena Foundation would go to ENA buybacks, which the transparency dashboard would track. The Risk
Committee had signed off on the rates, the thresholds and the mechanics. If the vote passed, buybacks would
begin when the milestones are reached. The post's table is an image, described in section 3.

P2. Blockworks Advisory supported the design and backtested it on 705 days of Ethena data, from 19 September
2024 to 24 August 2026, covering USDe circulating supply, protocol revenue, sUSDe and sUSDS yields and ENA
prices. It described the take as a share of gross protocol revenue, rising with USDe supply, 5% at $7.5B, 10%
at $10B, 15% at $15B and 20% at $20B, and wrote that at the USDe supply of the day, $4.07B, the schedule takes
nothing. The take comes off gross revenue in proportion to everything that revenue funds, which over the
previous 30 days had been $175M a year, 34.3% to sUSDe staking, 34.3% to partner payouts and 31.4% to Aave
liquid leverage. Daily supply first crossed $7.5B on 27 July 2025. Its table of supply measures gave, for each
measure, the days to the first buyback counted from 27 July 2025, the active days, the rung changes, and the
capture per panel year and while active. Daily target 0, 117, 4, $8.79M, $53.0M. 14 day average 7, 118, 4,
$8.82M, $52.7M. 30 day average 14, 120, 4, $8.64M, $50.8M. 90 day average 34, 141, 4, $7.66M, $38.3M. Each
measure changed rung four times and switched the buyback on once and off once. The 14 day average peaked at
$14.65B in October 2025, 2.3% short of the $15B rung, and the 90 day average at $12.38B. It recommended a 14 day
trailing average of USDe supply as the trigger, because one large mint can move a single day's supply. Its
table of annual buybacks at each rung, at a 6% illustrative and a 4.60% realized protocol APY, gave $7.5B and
5%, $22.5M and $17.3M. $10B and 10%, $60.0M and $46.0M. $15B and 15%, $135.0M and $103.5M. $20B and 20%, $240.0M
and $184.1M. Protocol APY, 30 day annualized revenue over USDe supply, had exceeded 6% on 121 of the 705 days.
The $15B and $20B rungs had never been reached. ENA gross unlocks run to April 2028 at 267,187,500 tokens a
month, and ENA's market capitalization was $1.57B.

P3. Kairos Research supported turning on the fee switch once the thresholds are met.

P4. OAK Research supported the architecture, the supply anchors and the tier levels, and supported the 14 day
moving average Blockworks Advisory recommended in place of its own earlier 30 day ramp. Its table gave USDe
supply $7.5B, $10B, $15B and $20B, protocol APY 6.0%, annualized gross revenue $450M, $600M, $900M and $1.2B,
take rates 5%, 10%, 15% and 20%, and annualized captured revenue $22.5M, $60M, $135M and $240M. It wrote that
the vote concerns the supply milestones and that implementation, a benchmark for stablecoin yields, a
continuity reserve and sENA rewards would be addressed in separate proposals.

P5. The forum account confirmed on September 8, 2026 that the ENA snapshot vote had passed and linked the
Snapshot proposal.

P6. An individual contributor, on October 12, 2026, suggested a mechanism for executing buybacks, noting that
implementation specifics were to be discussed separately. The account's name is not kept here.

2. Snapshot proposal
The proposal 0xcb6b9ed95bf0c64b6101ff7d3a770af86e07701d8419b541cf91a6894022f2a3 in the space
ethenagovernance.eth was read from Snapshot's GraphQL API, https://hub.snapshot.org/graphql , at
2026-10-12T23:58:42Z. The response had 457 bytes and the SHA-256
ff1de459f9ab04286e3884c7135c45fd41b83184e6f7979ce7fb6c48384ed031. Title ENA Fee Switch. Choices For, Against and
Abstain. Voting from 2026-08-27 13:59:52 UTC to 2026-09-02 13:59:52 UTC, with voting power taken at Ethereum
block 25,847,012. State closed. Scores 17,786,102.45 For, 0 Against and 0 Abstain, from 88 votes, against a
quorum of 5,000,000.
A second query at 2026-10-13T01:07:06Z, made from the forum's page for post 1, asked for the same fields with
the proposal's text and voting strategies. The response had 3816 characters and the SHA-256
062efa4386695bc15693a4d14b2d5f09cfec635569d067f8e52e160dfcab4d68, and its title, choices, dates, block, state,
scores, votes and quorum were the same as above. The proposal's text had 1828 characters and the SHA-256
5a11ae8767c12c087237aa94cbd1e2383c805a365adde0a324024323c7dcd56e. Post 1, read again at the same time from
https://gov.ethenafoundation.com/raw/830/1 , had 1814 characters and the same SHA-256 as in the table above. Both
texts have 14 nonblank lines, and they differ only in formatting and one list number. The post escapes a tilde and two brackets, the
image's address is a forum upload in the post and an IPFS address on Snapshot, the third business line is
numbered ii) in the post and iii) on Snapshot, and the post has spaces at the ends of some lines. The proposal
has four voting strategies. Two count balances of ENA, 0x57e114b691db790c35207b2e685d4a43181e6061, and of sENA,
0x8be3460a480c80728a8c4d7a5d5303c85ba7b3b9. Two count ENA and sENA deposited in the contract
0x8707f238936c12c309bfc2b9959c35828acfc512, read through its stakes function.
Post 1 was read and searched again at about 01:20 UTC on 2026-10-13, the same 1814 characters with the same SHA-256. It contains none of
the words average, trailing, moving, window, day, measure or defin(e), so neither text says how USDe circulating
supply is measured, over what window it is averaged or when a change of rate takes effect. Circulating appears
once, in the sentence on the milestones. Net revenue appears once, in the sentence on the 95%, and is not
defined.

3. The milestone table in post 1
https://canada1.discourse-cdn.com/flex003/uploads/ethena/original/1X/6536cd49e9a83d2dec19f80f90bbcbd75d65ec73.jpeg
was read at 2026-10-12T23:58:42Z, 130,337 bytes, 1650 by 674 pixels, SHA-256
66ab77ddcc0042e23d86f68d339ab18344e14ebd9e00e401868f8757e4963413. Its text was read by eye. It is headed as an
illustration of ENA buybacks scaling with USDe supply. Its columns are USDe supply of $7.5B, $10B, $15B, $20B
and $25B+. Gross protocol APY is 6.0% in every column. Annualized gross revenue is $450m, $600m, $900m and
$1,200m, with none given for $25B+. The net revenue take rate for buybacks is 5%, 10%, 15%, 20% and 25%.
Annualized buyback volume is $22.5m, $60m, $135m and $240m, with none given for $25B+. A note says that the
figures are illustrative, that they hold protocol APY at 6.0%, below Ethena's realised gross protocol APY since
inception, and that actual amounts will vary with realised rewards and the composition of USDe's backing.

4. Ethena documentation, ENA page
https://docs.ethena.fi/overview/ena.md was read at 2026-10-13T00:00:14Z, 3329 characters, SHA-256
4548165cf831a8baec2610443eba0289789ee3ae4e33739733e12dc44a6b9735. ENA is Ethena's governance token. sENA is
staked ENA, an ERC-4626 wrapper with a cooldown before ENA can be withdrawn. The Risk Committee sets risk
parameters across the protocol, including the activation conditions for mechanisms such as the fee switch.

5. Ethena documentation, Risk Committee page, carried from the reserve fund review of October 12, 2026
https://docs.ethena.fi/protocol-overview/governance/risk-committee.md was read at 2026-10-12T22:11:15Z for that
review, as Markdown, 4798 characters of page text, the SHA-256 of the page text beginning 155f957636049840. The
Committee's members for the current six-month term were Blockworks Advisory, LlamaRisk and Kairos Research. A
member proposes a change in the governance forum, the members deliberate for seven days and then vote. Ethena
Labs Research sits on the Committee as a nonvoting member that may make proposals.
