<h2>Wintermute’s Revenue Model Gains Approval</h2>The&nbsp;<a href="https://coin360.com/coin/ethena-ena">Ethena</a> Protocol is set to undergo a <a href="https://x.com/EthenaFndtn/status/1857470376655385070">significant transformation</a> following the approval of Wintermute’s revenue-sharing proposal. The protocol’s Risk Committee has greenlit the activation of a fee switch, a move expected to be fully operational by November 30. This decision marks a shift in how Ethena allocates its revenue, aligning its financial mechanisms more closely with its community-driven governance model.<figure class="image"><img alt="ethena tweet.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/ethena_tweet_40adf77b53.png"><figcaption>Source: Ethena Foundation/ X</figcaption></figure>Wintermute, a leading algorithmic trading firm, submitted its proposal on November 6, highlighting the need for a clear framework to distribute Ethena’s earnings among&nbsp;<a href="https://coin360.com/coin/ethena-ena">ENA</a> token holders. The firm argued that the protocol’s current structure lacked defined mechanisms for revenue allocation, prompting the introduction of a fee switch. According to an announcement from the Ethena Foundation on November 15, the proposal aims to establish parameters for fee distribution while ensuring that all implementations are completed within the stipulated timeline.The proposal, while detailed in its objectives, did not specify the exact mechanics of the fee switch. Instead, it offered insights into adjustments needed for the circulating supply of&nbsp;<a href="https://coin360.com/coin/ethena-usde-usde">USDe</a>, Ethena’s stable asset, and recommended tweaks to maintain competitive returns on staked USDe. Wintermute emphasized that the protocol’s financial health, particularly the spread between USDe’s annual percentage yield (APY) and prevailing market rates, should remain competitive to attract and retain stakers.Wintermute also called on the Ethena Foundation to provide greater transparency regarding revenue allocation. The firm requested a detailed record of how the protocol’s earnings have been utilized so far, aiming to dispel concerns about potential mismanagement. Furthermore, it sought assurances that all future revenues would be channeled toward advancing Ethena’s ecosystem, under the oversight of ENA and sENA governance structures.The Ethena Foundation responded positively to the proposal, emphasizing its alignment with the protocol’s long-term objectives. In its review, the foundation acknowledged the benefits of Wintermute’s recommendations, noting that the fee switch would bolster the ecosystem’s growth while safeguarding its financial integrity. The foundation reaffirmed its commitment to using Ethena’s revenue exclusively for protocol development, explicitly stating that earnings outside of USDe rewards and the Reserve Fund would be subject to community governance approval.As Ethena prepares to implement these changes, the fee switch initiative underscores its dedication to fostering a sustainable and transparent financial model. The protocol’s ability to adapt and refine its revenue strategies demonstrates a proactive approach to governance, setting a precedent for how decentralized platforms can align operational efficiency with community interests.This article has been refined and enhanced by ChatGPT.

Robot adjusting holographic fee switch, green-red glow background

Robot adjusting holographic fee switch, green-red glow background_11zon.webp

Ethena to Activate Wintermute’s Fee Switch Proposal

<h2>Early Bitcoin Investor Cashes Out for 150M% Profit</h2>A long-dormant&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> whale made headlines this week after moving a staggering 2,000&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>, valued at $179 million, to&nbsp;<a href="https://coin360.com/review/coinbase">Coinbase</a>. The cryptocurrency sat untouched for 14 years, accumulating an astronomical 150,000,000% return since its acquisition in 2010, when Bitcoin was priced at just $0.06 per coin. The original investment, a mere $120, transformed into a fortune, highlighting Bitcoin's potential as a long-term store of value.<figure class="image"><img alt="tweet_1857428085647306914_20241116_210027_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1857428085647306914_20241116_210027_via_10015_io_11zon_a43e8fa633.jpg"><figcaption>Source: pete_rizzo_/ X</figcaption></figure>The whale’s activity was first&nbsp;<a href="https://twitter.com/pete_rizzo_/status/1857428085647306914">brought to light</a> by journalist Pete Rizzo, who tracked the transaction on Twitter, now known as X. The massive transfer comes as Bitcoin hits new heights, trading at $90,955 following its climb past $93,000 earlier this week. The recent surge, driven by market optimism and reduced regulatory concerns, has seen Bitcoin's value spike by $20,000 since Election Day.<figure class="image"><img alt="chart (2)_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_2_11zon_d09c78e477.jpg"></figure>Whales like this one often represent early adopters or entities involved in Bitcoin mining during its infancy. These major players wield significant influence, as their movements can impact liquidity and market dynamics. Despite Bitcoin's reputation for short-term price swings, its long-term trend continues to reward patient holders, known as “HODLers,” with exponential gains.The latest rally follows Donald Trump’s presidential election victory, signaling potential regulatory ease under his administration. Trump’s stance of light-touch regulation in the financial and crypto sectors has fueled investor confidence, further propelling Bitcoin’s meteoric rise.This article has been refined and enhanced by ChatGPT.

Robot atop Bitcoin mountain under pastel sky

Robot atop Bitcoin mountain under pastel sky.webp

Whale Turns $120 Into $179 Million After 14 Years

<h2>Legal Showdown Ends Amid Political and Financial Intrigue</h2>A high-stakes legal battle involving&nbsp;<a href="https://coin360.com/coin/dogecoin-doge">Dogecoin</a> investors and Elon Musk has come to a close, as plaintiffs withdrew their $258 billion class-action lawsuit accusing the billionaire of market manipulation. In a Thursday&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.581639/gov.uscourts.nysd.581639.146.0.pdf">filing</a>, both parties asked a Manhattan federal judge to dismiss the case, ending a two-and-a-half-year saga that scrutinized Musk’s Dogecoin-related antics. This move also included withdrawing a September notice of appeal and resolving pending motions for sanctions.Lawyer Evan Spencer, representing the investors, explained the decision, citing Judge Alvin K. Hellerstein’s August ruling, which dismissed the case. Hellerstein characterized Musk’s public endorsements of Dogecoin as “aspirational and puffery.” Spencer acknowledged his limitations in holding Musk accountable, adding, “It’s clear Elon Musk operates above the law.” The lawsuit initially aimed to hold Musk responsible for significant investor losses linked to various events, including his 2021&nbsp;Saturday Night Live appearance, which triggered a Dogecoin price drop.The legal clash wasn’t without drama. Spencer accused Tesla’s legal team of harassment and inflating legal fees to deter appeals, while Musk’s lawyers described the case as a frivolous attempt to extort a settlement. Both sides eventually agreed to withdraw their motions for sanctions, marking a bitter end to a combative courtroom exchange.Adding a twist, Musk’s political alignment with Donald Trump and the launch of the&nbsp;<a href="https://coin360.com/news/trump-doge-crypto-surge">Department of Government Efficiency (D.O.G.E.)</a> brought Dogecoin further into the spotlight. The initiative, co-led by Musk, has prominently featured the meme coin in political messaging, pushing Dogecoin into mainstream dialogue. With Dogecoin’s value spiking 300% post-election, its influence in both financial and political spheres remains undeniable.<figure class="image"><img alt="chart (1).png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_1_e59e9c64df.png"></figure>This lawsuit’s closure underscores Musk’s enduring influence on crypto markets and highlights the growing entanglement of meme assets with U.S. political narratives. While Dogecoin investors sought legal recourse, the case’s unraveling shows that Musk’s “puffery” continues to shape the meme coin’s trajectory with few legal repercussions.This article has been refined and enhanced by ChatGPT.

Robot stamping dismissal on Dogecoin case

Robot stamping dismissal on Dogecoin case_11zon.webp

Dogecoin Investors Drop $258B Lawsuit Against Elon Musk

<h2>SEC Approves Hybrid Bitcoin ETF</h2>The U.S. Securities and Exchange Commission (SEC) has swiftly&nbsp;<a href="https://www.sec.gov/files/rules/sro/nysearca/2024/34-101641.pdf">approved</a> the 7RCC Spot&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> and Carbon Credit&nbsp;<a href="https://coin360.com/glossary/futures-contract">Futures</a> ETF for listing on NYSE Arca. The landmark decision, finalized on November 15, 2024, marks a pivotal step in bridging digital assets with sustainability initiatives. Following a thorough review and multiple public comment periods, the SEC gave the green light after approving a fourth amendment aimed at addressing market volatility and investor protection.Managed by 7RCC, a prominent crypto asset firm, the ETF breaks new ground by allocating 80% of its holdings to Bitcoin and 20% to carbon credit&nbsp;<a href="https://coin360.com/glossary/futures-contracts">futures</a> and related instruments such as swaps. This dual-asset structure offers investors exposure to Bitcoin’s high-growth potential while integrating carbon offset mechanisms, appealing to a growing cohort of environmentally conscious investors.&nbsp;<a href="https://coin360.com/exchange/table">Gemini</a>, a well-known crypto custodian, will safeguard the fund’s Bitcoin assets, ensuring secure management in line with regulatory standards.The 7RCC Bitcoin ETF, first filed on March 13, 2024, navigated a rigorous amendment process to meet the SEC’s stringent requirements for hybrid financial instruments. The combination of spot Bitcoin with carbon credit futures demanded meticulous due diligence to ensure compliance and mitigate potential risks. The SEC’s approval signals a shift toward greater acceptance of innovative ETFs that blend traditional and digital asset classes.This approval not only underscores the evolving regulatory landscape but also sets the stage for future hybrid ETFs. By merging cryptocurrency investments with sustainability goals, 7RCC aims to attract investors looking for diversification and environmental impact. The fund’s launch could catalyze similar financial products, further integrating digital assets into mainstream investment portfolios.This article has been refined and enhanced by ChatGPT.

Robot planting Bitcoin trees under carbon credit clouds

Robot planting Bitcoin trees under carbon credit clouds_11zon.webp

SEC Approves 7RCC Spot Bitcoin and Carbon Credit Futures ETF for NYSE Arca Listing

Coin360 weekly crypto news, cryptocurrency updates, market movement

Dogecoin Investors Drop $258B Lawsuit Against Elon Musk

Legal Showdown Ends Amid Political and Financial Intrigue

Latest News @Coin360

Ethena to Activate Wintermute’s Fee Switch Proposal

Whale Turns $120 Into $179 Million After 14 Years

Dogecoin Investors Drop $258B Lawsuit Against Elon Musk

SEC Approves 7RCC Spot Bitcoin and Carbon Credit Futures ETF for NYSE Arca Listing

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | November 9 - November 15, 2024