There is now over $536m of USDe on @solana . ENA is down 93% from its high. USDe usage isn't. USDe can also now serve as collateral inside Coinbase's Morpho lending market, letting holders borrow USDC without selling their position. Token price and network utility are two different things. More integrations simply mean more places USDe gets used. That's what drives protocol revenue, regardless of what ENA is doing on a chart. The fee switch is technically ready but hasn't been flipped on. How that growing utility ultimately finds its way back to ENA is still an open question. ------ We explore that relationship in our latest report on Ethena, alongside how we're evaluating the protocol's financials, token economics, and the risks that matter most. If you'd like to check out the research, see the link below 👇