Vol. I, No. 1 Monday, August 31, 2026 Ethena — Governance Rights Report
Executable rights. Machine-readable determinations.

Probity Institute

Ethena — Governance Rights Report

Verdict

Ethena

ENA — Governance Rights Report
Tier 4 S1 — Token-Governed Protocol Assessment as of 2026-10-01
GSA-1 fail GSA-2 near-miss GSA-3 near-miss GSA-4 fail GSA-5 fail GSA-6 fail GSA-7 fail GSA-8 fail

Why this rating: Committee-governed with ENA Snapshot votes for committee elections and major decisions (fee switch). The 'ENA Fee Switch' — routing 95% of net protocol revenue to ENA buybacks at USDe supply milestones — is the batch's most imminent economic-rights event: vote active (ends 2026-09-02), implementation scheduled 2026-10-05, but not yet code-enforced. GSA-3 near-miss: 'ENA Fee Switch' vote ACTIVE as-of 2026-09-01 (ends 2026-09-02), unanimous early support (81 votes / 17.6M ENA all For); implementation scheduled 2026-10-05; milestone-gated — buybacks begin only as USDe supply hits tiers; not yet code-enforced; GSA-2 near-miss: ENA holders appoint committee members on a rotating basis (election-based recall); docs: 'fully on-chain governance is not a practical or viable option at present'

Where to Vote

Proposal History

ProposalTitleOutcomeClosed
0xcb6b9ed95b… ENA Fee Switch Closed September 2, 2026
0xd696aa2d58… Ethena Risk Committee Elections - Fifth Term Closed August 9, 2026
0x8ee7d1115c… Ethena Risk Committee Elections - Fourth Term Closed February 9, 2026
0xb3d924c838… Proposal: Reduction of Risk Committee members from 5 to 3 Closed February 2, 2026
0x03a3816070… Ethena Risk Committee Elections - Third Term Closed August 3, 2025

History from the Institute scanner and the 2026-08-31 recheck pulls (Snapshot Hub GraphQL / OpenSquare). Outcomes marked from recheck determinations where the proposal is named; otherwise the recorded state is shown.

Metrics

Curated metric — next quarterly update. On-chain revenue, treasury, and distribution-enforcement reads are not yet wired for this DAO's space in the Institute's state files; the quarterly re-assessment cycle will populate this block.

Structure & History

Structure: S1 — Token-Governed Protocol.

S1-S5 protocol business structure taxonomy, as-of 2026-08-27 (structure taxonomy date); scores as-of 2026-10-01 (first scored 2026-07-23; quarterly recheck #2, cycle 2026-08-31 -> 2026-10-01)

Assessment flags