Ethena is on fire right now. • Leading stablecoin market-cap growth • More than $750M in rewards distributed to ecosystem participants to date • Ethena Pay launched in beta with expansion planned across the US UK and Europe • Proposed broadening its backing and yield generation beyond the traditional crypto basis trade into institutional lending, RWAs beyond T-bills, and equity and commodity basis trades • The Ethena Foundation bought out locked ENA held by certain major seed investors • Proposed using 95% of net Foundation revenue for ENA buybacks once USDe reaches a specified supply milestone Cracked team