A reminder of HYPE value capture mechanism Not that different from ENA with the recent governance change (when USDe supply hits $ 7.5bn, 95% revenue will be directed to ENA buybacks + team is buying some VCs bags) The real question is if ENA buybacks will outpace inflation That really depends on USDe growth and revenue That’s the ENA bet, finally a more pure product bet vs. what we had before (i.e., infinite inflation and no real value capture mechanism for ENA holders.. essentially it was destined to zero)