In order to get their stablecoin listed on Binance + expand TVL and active users, Ethena spent at least $100M on a series of activities before. This time, I wonder how much Usd1 has prepared… Assuming $1B flows in, the monthly interest cost alone would be $16.6M. The project team might think the 50K cap can limit users, but don’t underestimate the Alpha army… Since they’ve already started the high-interest strategy to attract deposits, the goal is nothing more than the classic TVL-price-TVL play. Now it depends on whether the token price can respond when liquidity is so poor + narrative premium is zero. If it doesn’t hold up, the TVL will just go back to where it came from a month later. A few days ago, besides this governance proposal, there was also an announcement that $10M had been bought back over the past three weeks and that the public sale unlocking plan would be disclosed. On the day of the announcement, it barely made a splash. Let’s see if this round of spending will have any effect.