.@ethena is moving to a one-token model: only 26% of USDe is staked in sUSDe now, down from 61% in March. Since the 27 Apr low, USDe supply grew $0.8B while sUSDe shrank by $1B. All of the growth went to plain USDe. My view on the strategy behind: • Better margin collateral for CEXs and perps • One token’s liquidity to maintain (Fluid’s sUSDe pools went from $131M to $1.4M) • Rewards can be aimed at each use case (loops, Ethena Pay, cross-chain) • Revenue: once incentives end, Ethena keeps the yield on any USDe that stays Despite being in the market for multiple cycles, Ethena is still innovative and strategic in how it operates. You can see the quality of a team in these small details.