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 for whales. Basically, to secure a large-scale opportunity with an annualized return of around 10% and retain TVL, the chain is willing to pay such a high cost. This is definitely a positive for Ethena’s expansion, but I don’t think it’s necessarily good for the public chain—it’s like letting the fat water flow into someone else’s field. I’ve always had one question: why can’t they just do this themselves?