No wonder Little Black Crazy Milk Ethereum: 0x57e114b691db790c35207b2e685d4a343181e6061. It turns out they want to make stablecoins, banks, and tokens into a closed loop! I have re examined Ethena's recent actions and feel that the market may have underestimated what it really wants to do: Ethena is no longer satisfied with being a USDe issuer. What it wants to do now is to issue US dollars on its own, earn underlying profits, create its own banking portal, and finally buy back ENA with profits. Ethena Pay is the most important part of this closed loop. Users put money in, and the bottom layer becomes USDe, with a maximum return of 6%. It can be used for transfers, bank card transactions, IBAN deposits and withdrawals, and up to 5% regular cashback for purchases. The key is that in the past, USDe was distributed through other people's portals such as Binance, Aave, and Bybit. Now, for the first time, Ethena has taken control of its own users. Others make encrypted bank cards, and users deposit USDC/USDT. The underlying income of stablecoins is taken away by Circle/Ether. In Ethena Pay, for every additional $1 USDe deposited by users, the issuance, reserve income, and consumption entry are all kept in their own system. What it wants to do is actually the vertical integration of Tether and Revolution. Ethena will first lock up a group of early investors who have been selling coins for the past 9 months and directly buy them, then cancel the monthly VC unlocking and release the remaining investor tokens on October 5th. At the same time, transfer the protocol IP and economic value from the Labs equity system to the foundation, and the future value generated by the protocol will generally belong to the ENA governance system. This is not simply reducing unlocking, but replacing long-term monthly crashes with disposable cliffs, while solving one of the most painful problems in the past: Ethena has grown, is it ultimately the Labs shareholders or the ENA shareholders who make the money. The cost switch has now been 100% approved by the vote, but USDe needs to start working again from the current approximately 4.2 billion US dollars to 7.5 billion US dollars before the first round begins to draw 5% of the agreement revenue to repurchase ENA, which means that the supply still needs to increase by nearly 80%. The larger the USDe, the higher the repurchase ratio. According to the official model, with $7.5 billion USDe and 6% annualized revenue from the agreement, the annual repurchase amount is only about $22.5 million. So ENA's next step is to see if Ethena Pay can transform USDe from a profit oriented stablecoin held by a group of DeFi arbitrage funds into an account balance for ordinary people to save money, pay salaries, swipe cards, and transfer money every day. If USDe returns from 4.2 billion to the historical 15 billion or even continues to rise, Pay brings more sticky deposits, protocol earns more money, and then repurchases ENA, this flywheel will really close. Can I get $1 as Xiao Hei said?