Speaking of Ethena, many people should be familiar with it ENA、USDe， And there was also the early wave of high-yield deposits, which allowed many people to eat until they were full But now looking at Ethena, we have to view it from a developmental perspective The stablecoin market is very competitive, simply issuing one more coin is not so scarce. More importantly, can it be directly used by more projects and delve into more chain and asset scenarios From this perspective, I think Ethena's recent actions have taken her to a deeper level than before The most intuitive feature on Solana is that a month ago, its TVL was still in the tens of millions of dollars, but now it has surged to 570 million dollars, and the USDe market value has exceeded 560 million. It is also listed as one of the fastest-growing RWAs by Token Terminal This speed is really uncommon in stable assets I also took a look at the integration of Manifest with Ethena this time, and what they were going to do was USH, a real estate backed token. In the end, they didn't build it from scratch, but directly used Ethena Whitelabel Creating a stable asset from scratch can be quite troublesome, requiring long-term reinvestment in liquidity, returns, risk control, incentives, and user entry So many teams choose to directly connect with validated frameworks and then develop their own asset and economic designs, which is much more realistic Jupiter, Sui, and MegaETH have already accepted it before, and now Manifest has also come in. Ethena's Whitelabel is being adopted by more and more projects On the other hand, USDtb, as Ethena's full reserve stablecoin, has once again exceeded $1 billion in supply, with a rise of over 70% in the past 30 days I am now looking at Ethena, and I am no longer solely focused on the yield of USDe What we are more looking forward to later is to see how many more projects will be integrated into Ethena and how many new asset scenarios it can be brought into