Ethena's stablecoin yield has returned to 10%, and the returns of other new projects are basically not enough to see. Meanwhile, Ethena still has 43% of its liquidity unallocated. If the market remains in this frenzy, it is certain that high funding rates will drive new capital allocation into the market, increase the size of USDe, and increase agreement revenue. The scale of growth depends on the duration of the bull market, which basically becomes a lagging market barometer.