Yesterday, I heard a version of the story about @ethena_labs. Super interesting, no wonder they got listed on Binance. To sum it up: 1. Privacy protocols are a must, but they don’t necessarily have to be called ZK or TEE—off-chain execution logic works just fine. 2. Leveraging up is always the biggest and most consistent demand. 3. Non-DeFi projects don’t make sense. 4. Internally, serve the core needs of the big players; externally, tell a good story about inclusive finance. Easier said than done.