➥ In DeFi, the ultimate moat is delivering real yield at scale: the one thing almost impossible to fake or copy. Once a protocol starts generating and distributing real rewards in the hundreds of millions, network effects compound. Capital, users, and builders converge where the yield is not just promised but already paid out. @ethena already controls: ▸ Over $750 million in rewards distributed across the ecosystem ▸ $200M+ in Ethena assets on @RobinhoodCrypto Chain in just one month ▸ USDe accounting for nearly 1/3 of all USD value on the chain Competitors now have to pull users, liquidity, and mindshare away from a protocol that has already proven it can survive funding rate collapses, depeg scares, and still keep paying out. Every new synthetic dollar or yield product enters the market with a credibility deficit.