One thing I find interesting about @ethena is the idea behind it. The project is trying to solve a problem that has existed in crypto for a long time: how do you get dollar exposure and earn yield without depending entirely on traditional banks or conventional stablecoin issuers? That’s where USDe comes in. Ethena uses crypto assets and short positions in perpetual futures to maintain a roughly dollar-neutral position. When funding rates are favorable, this setup can generate attractive returns. That’s a big part of what has brought attention, liquidity, and users into the ecosystem. I also think the move toward sharing protocol revenue through mechanisms like buybacks is worth watching. In my opinion, a project that can gradually rely less on token emissions and build a stronger connection between actual usage and token value is moving in an interesting direction. But let’s be honest, there are risks here that nobody should ignore. Ethena's model depends heavily on market conditions. Funding rates won't always be positive, and when they turn unfavorable, the returns can shrink or even become a cost. There are also risks around exchange counterparties, custody, liquidity, regulation, and how the system performs under extreme market conditions. Then there is $ENA itself. A good protocol doesn't automatically mean its token will perform well. Token supply, unlocks, incentives, market sentiment, and actual demand all matter. We have seen enough in this market to know that a project can be doing reasonably well while its token struggles to gain value. Personally, I find Ethena worth paying attention to, especially as the synthetic dollar sector continues to develop. But I wouldn't put it in the same category as a low-risk holding, and I certainly wouldn't buy it simply because the project is generating attention or offering attractive yields. For me, the real question is whether Ethena can sustain its model through different market cycles, manage its risks properly, and create lasting value beyond incentives and speculation. If it gets those things right, I believe there could be meaningful opportunities around the ecosystem. But until then, I'll approach $ENA with an open mind, do my research, and pay attention to both the opportunities and the risks. In crypto, I would rather understand what I'm buying than get carried away by what I hope the price will do. That's just my personal opinion, not financial advice. Do your own research and never risk more than you can afford to lose. Shalom 🙏