#稳定币发展 Recently, the Ethena project has been quite volatile. Not long ago, the TVL was close to 15 billion USD, but now it has been halved to around 7 billion USD. The main reason is the brief depegging of USDe on Binance, which scared away many high-leverage arbitrage users. However, in the long run, I think their pivot to becoming a white-label platform is a good idea. Collaborating with major projects like Sui and Jupiter to introduce USDe into more ecosystems can greatly reduce reliance on a single revenue source. Moreover, they recently received investment from Multicoin Capital, indicating that institutions are still optimistic about their prospects. For ordinary users like us, it’s worth keeping an eye on USDe’s yield changes, and there might be opportunities to jump in and earn some profits.