Why is there a short-term surge in ENA? one ⃣ USDe circulating for 30 days+75% (reaching $9.5 billion), agreement to continue repurchase/destruction of ENA two ⃣ TVL has exceeded 9.47 billion US dollars, and the handling fee and pledge APY are approximately 10-12% three ⃣ Wintermute proposal: sENA will enjoy agreement dividends four ⃣ Obtained 360 million US dollars in financing, of which 260 million US dollars were used for open market repurchases five ⃣ BTC strengthens+multiple exchanges listed, unlocking selling pressure without breaking through prices Multiple fundamentals+fund expectation resonance, but still need to pay attention to fund rates, unlocking, and regulatory risks. ENA Ethena DeFi