Ethena has deployed its own Perps market on Hyperliquid HIP3 @hyenatrade and will receive 50% of its fee revenue. Hyperliquid's annual fee revenue is roughly $1 billion. If HyENA can reach 20% of that scale, that's $200 million, with $100 million going to the deployer. To put this into perspective, according to tokenterminal's stats, Ethena's total revenue over the past year was $430 million. The future mainline for USDe has gradually expanded from delta neutral to Stablecoin-as-a-Service. The focus is on expanding USDe's application scenarios, especially as yield strategies in a sluggish market environment may not support large volumes, serving as a supplementary driver for stablecoin market cap growth. Of course, this depends on how much trading volume HyENA can achieve. Maybe it won't hit 20%. Everyone can evaluate based on their own expectations.