The best time to build a position in ENA has passed. Two key points about ENA: - The listing of USDe on Binance has increased its scale of impact. - The fee switch has been turned on. USDe's yield is 6.5%. To be honest, that's not high. Because USDC is offering subsidies, and you can get 12% there. But ENA's TVL has still surged significantly. Now that's strange. Even with a 12% APY, it hasn’t managed to steal TVL away. ENA's TVL has more than doubled from its June low, while its market cap has grown nearly 4x. If the growth is only 20% from here, then the best time to build a position in ENA has already passed. Another factor is betting on the altcoin season in the coming months. If altcoin season comes, then, then, altcoin valuations could magically multiply several times. If there’s no altcoin season, the cost-performance ratio won’t be great. All in all, the cost-performance ratio isn’t much better than just holding ETH. Plus, it’s distracting, so it’s not very meaningful. Every bet drains your mental energy—you have to research, follow up, and those hidden costs add up.