Yesterday was Sui, today is Plasma. It’s reported that deploying USDE on a chain (for Ethena) costs around 10-20 million, depending on the chain’s fundamentals. And this money is used for market-making on exchanges and providing leverage to whales. Basically, to secure a large-scale opportunity with around 10% annualized returns and retain TVL, the chain is willing to pay such a high cost. This is definitely a positive for Ethena’s expansion, but not for the public chain itself—it’s like the fat profits are going to outsiders. Why is that? I’ve always had one question: why can’t they just do this themselves?