#Altcoins on the Rise# Why is Ethena, one of the most talked-about altcoins of recent days, rising? (ENA)

What is the main reason for Ethena's rise, which has attracted attention with its recent increase of (ENA)?
The local token ENA of Ethena, which has gained 47% in value over the last seven days, has attracted attention in the crypto market.

While the general market volatility is leading to upward movements for many cryptocurrencies, according to the analysis company Kairos Research, the rise of ENA is based on a particularly different expectation: speculation that the "fee-switch" mechanism, known as a revenue-sharing mechanism, will be activated.
Kairos Research states that, unlike other projects of Ethena, this fee-sharing system has a technical infrastructure that was established beforehand, but some conditions need to be met for the system to become operational. Once this system is activated, it will be possible for the fees collected by the protocol to be distributed directly to sENA ( staked ENA) holders.
According to the analysis company, a large portion of these conditions has been met so far. Ethena's USD-indexed stablecoin USDe's circulating supply has reached 6.08 billion dollars, surpassing the established threshold of 6 billion dollars. The cumulative revenues of the protocol have exceeded 431 million dollars, which is also well above the threshold value of 250 million dollars. Additionally, the reserve fund size has been adjusted to be more than 1% of the USDe supply.
However, there are still two important criteria that have not yet been met. The first is the requirement that USDe must be traded on at least four of the five largest derivative exchanges. Currently, this number is limited to three. Secondly, the yield rate difference of sUSDe is still below the targeted range of 5% to 7.5%, with (spread). The current differences are 3.03% against AAVE's USDC pool, 2.48% against US Treasury bonds, and 2.05% against Maker/Sky's sUSDS product.
All these developments are considered as the main factors supporting the recent price increase of the ENA token.
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