$USDe just pulled in $2B in a week. What was the reason? The simple explanation is yield. @ethena_labs’ offering 10% on sUSDe. Money flows to the highest risk-adjusted return, & right now that's clearly Ethena > USDC, USDT make money when Treasury rates are high > Ethena makes money when crypto markets are volatile & perpetual funding rates spike > It has paid out the most amount of yield ($39M sUSDe) in the last 90D > $30.85M fees generated over the past 30D > $USDtb becoming GENIUS Act compliant is institutional onboarding infra. > They recently called their $260M goes toward $ENA buybacks over six weeks (8% of CS getting absorbed) > Fee switch is a major catalyst Look, 10% yields don't last forever in crypto. Someone always comes along offering 12%, then 15%. But @ethena_labs’ revenue model is different enough that it might have staying power. The institutional money flowing through @convergeonchain & the ecosystem plays around @Terminal_fi, @etherealdex, @strata_money shows real capital is taking positions.