#稳定币市场动态 It seems that Ethena has recently encountered quite a bit of trouble. The halving of TVL is no joke; dropping from $14.8 billion to $7 billion is indeed shocking. However, a closer analysis shows that the main reason is the previous wave of leverage arbitrage retreating. Everyone knows that high leverage means high risk; once market sentiment shifts, the speed of withdrawal is not hard to imagine.

But Ethena hasn't been idle; they are actively seeking new growth points. Their launched white-label platform is quite interesting, allowing other projects to easily issue their own stablecoins. Collaborations with major projects like Sui and Jupiter demonstrate that Ethena still has strength.

For us yield farmers, Ethena's high returns in the short term might not be feasible anymore. But in the long run, if they can successfully transform into an infrastructure provider, there could be new opportunities ahead. Everyone can wait and watch for a while to see Ethena's next moves. After all, in this market, opportunities always favor those who are prepared.