Omission of Voting Procedure for Qualified Institutional Borrowers, Posted on the Eterna F

Kairos Research posted a framework on the Ethena governance forum on October 29 proposing that the trading team approve institutional borrowers meeting certain criteria without individual Risk Committee votes. Under the "Institutional Lending Framework," borrower documentation must be submitted confidentially to the committee at least three business days before the first funding deployment, and committee members can request review by citing specific unmet criteria, with the committee deciding within five business days; transactions outside the criteria still require committee review. Institutional lending is already part of Ethena's reserve fund management, so the proposal would streamline approvals rather than introduce a new activity. The framework matters because it could speed up institutional credit deployment while preserving a committee backstop for edge cases. Watch for forum feedback and whether the proposal advances to a formal governance vote.