Just now @ ethena_1abs tweeted to celebrate USDe breaking through 6 billion. I casually checked the data of DeFilama over the past month, and USDe is indeed the fastest-growing among the top 10 stablecoins. In the past 7 days, it has increased by 11.7%, and in the past day it has increased by 2.93%. Indeed, the bull market is the home ground of USDe. So the recent explosion of ENA is also supported by fundamental data. Ethena's core income comes from: The funding rate for perpetual contracts with short positions is positive, and this profit is earned when the position is closed. So once the bull market arrives, @ ethena_1abs' left foot and right foot mode starts to activate: Most people in the market are bullish, leading to multiple orders entering the sustainable market; Long positions in perpetual contracts pay short fund rates; Ethena holds a short position → earns funding fee income; The higher the funding rate, the more stable the USDe mechanism and the more considerable the annualized returns; • Attract more users to hold USDe (enjoy the benefits of USDe); The market's confidence in its growth has increased, forming a virtuous cycle. The reason why @ ethena_1abs is one of the most commendable innovations in the past cycle is this system (I personally think there are also @ pendle_fi @ HypeliquidX @ KaitoAI) ～～～～～～～～ BTW, Recently, putting funds back into simple earning coins is no longer desirable. My friends have already started adjusting their positions. The familiar taste of bull market is back, love this season to death