📍USDe has reached $10B TVL – Could ENA become the second Luna?

📌 Just after 500 days, USDe has hit $10B TVL, becoming the fastest-growing stablecoin in history. The momentum comes from the GENIUS Act, which paved the way for DeFi models like Ethena to explode. Just last month, USDe increased by +75%, climbing to the top 3 in the market, only behind USDT and USDC.

📌 Ethena has completed 4 out of 5 conditions to activate the fee switch to share profits for ENA, including: Huge revenue, USDe supply exceeding $8B, standard reserve fund, stable yield sUSDe. It’s just waiting for the $USDe listing on Binance or OKX – the final piece to legitimize profit sharing for ENA holders. However, this issue is not certain due to new regulations like Mica or the Genius Act, which will require additional time for licensing.

📌 The StablecoinX fund is accumulating $260M ENA (~8% of total supply), averaging an additional ~$5M each day. Whales and OGs are continuously shilling this asset; can it perform as well as Luna once did? $ENA