Recently, @ ethena has been performing several movements in a row, but when opened, they don't look big, but when pieced together, the direction is very clear. Firstly, the redemption mechanism has been changed. Previously, the staking of sUSDe was subject to a fixed 7-day cooling off period, which remained the same regardless of market conditions. Now it has been changed to dynamic adjustment: when liquidity is sufficient, it can be compressed to 1 day, and when there is a concentrated redemption, it will be extended to 3-7 days. There is no problem with the design concept, but who determines the dynamic triggering conditions and how they are determined is still a black box - the real stress test has not been conducted, can it be tightened as expected? Let's see. At the same time, they issued over $2M incentives to native PERP DEX such as @ etherealdex and @ hyenatrade, with the aim of allowing USDe to run as margin. The logic behind it is that margin scenarios naturally bring trading volume, and trading volume feeds back liquidity. "Usage driven" is more durable than simply "profit driven". The question is whether the usage can be retained after the incentive is stopped - this is a hurdle that all liquidity incentives cannot avoid, and Ethena is no exception. Another action is to connect to Privy. Privy does Web3 login and wallet abstraction, with a wide coverage. After integration, developers can directly embed the revenue capability of sUSe in their own applications, and users may not even perceive that the underlying layer is Ethena. We are taking the path of "infrastructure oriented", not pursuing users to actively visit the official website, but embedding the profitability into other people's products. The concept is clear, but there is currently no data on the actual developer adoption rate, so it is still early. When the three actions are combined, Ethena is clearly moving in one direction: from "you come to me to save money" to "my money seeps into every place you use". This evolutionary direction is not new in the stablecoin arena, but Ethena is one of the few that is truly advancing systematically. Whether it can run smoothly depends on two key factors: the retention rate of margin scenarios after incentive exit, and how many developers are actually using Privy. Before these two numbers come out, whether the direction is correct or not is one thing, whether the execution can keep up is another matter, it depends on future performance.