I am more bullish on @ethena after this because they finally put their own rail under a dollar that already has books and collateral venues.

This is the first time I have seen distribution belong to the issuer instead of to whoever wraps someone else’s dollar. We all have been used to see USDe as inventory sitting in loops and now we can treat it as a balance that arrives through a bank account and leaves through a card which is a slower and more useful business than renting yield to hot capital and that is why I want the protocol even before the token gate opens.

Ngl $ENA is looking the strongest it has even been.

https://x.com/yashascore/status/2095039997527371966