Everyone’s asking whether 12% is sustainable. For @EthenaPay Earn+, I think that’s the less aspect. The 12% isn’t really what $ENA Pay is selling here. Pay still has a waitlist of 10,000+ against roughly 1,400 active users, and the top rung of that ladder is a far easier sell than cashback. What I like is who’s footing the bill. Not new ENA emissions, which ended in September. As far as I can tell, it’s mostly yield Ethena already earns on USDe’s backing, handed back to depositors, with Avalanche covering part of the rest. Cheap acquisition, capped at $4.5M while they learn what demand looks like. And every dollar that goes in sits as USDe, nudging supply ($4.53B today) toward the $7.5B tier where buybacks switch on. The real metric is whether those savers increase spending volume via Ethena Pay. If they do, this could be their cheapest growth lever.