Just now, ethena_labs tweeted to celebrate USDe surpassing 6 billion. I casually looked at the data from DefiLlama over the past month, and indeed, $USDe is the fastest-growing among the top 10 stablecoins.

It increased by 11.7% in the past 7 days and by 2.93% in the past day; indeed, the bull market is the main stage for $USDe.

Thus, the recent surge in $ENA is also supported by fundamental data.

Ethena's core income comes from:

The perpetual contract short funding rate is positive → earning this part of the revenue when closing positions.

So once the bull market arrives, ethena_labs' left foot stepping on the right foot model begins to activate:

• Most people in the market are bullish, leading to long positions flooding into the perpetual market;

• Long positions in perpetual contracts pay the short funding rate;

• Ethena holds short positions → receives funding fee income;

• The higher the funding rate, the more robust the USDe mechanism, and the more attractive the annualized return;

• Attracting more users to hold $USDe (enjoying sUSDe returns);

• The market's confidence in its growth increases, creating a virtuous cycle.

The reason I say ethena_labs is one of the most commendable innovations in the past cycle is because of this system (I personally think others include pendle_fi, HypeliquidX, KaitoAI)

Recently, putting funds back into simple coin earning is no longer appealing; those who understand have already started adjusting their portfolios.

The familiar scent of a bull market is back, love this season #以太坊突破3700 #Chainbase上线币安