Guy @gdog97_ recently appeared on the bidclub podcast to talk about Ethena / ENA. I think most people missed it, so here's a quick summary/highlights of new info: Growth: Aiming to scale to $30–50B USDe (or equivalent) USDe supply before aggressively monetizing. On track to exceed $12B by Q3; internal goal is $15B+ by year-end. Opex is only ~10m/yr, TINY compared to CRCL, and cash reserves are sufficient to meet needs without using protocol revenue. Revenue forecast: Up to 400m a year with a 20% take rate (would make Ethena the second largest revenue-generating protocol behind Hyperliquid, which has an associated token). New products: We all know about Ethereal perps DEX launching with Converge chain soon. We know about stablecoinX DAT equity formerly launching later this year. iUSDe launching to allow tradfi asset managers to buy USDe in a regulatory safe wrapper. THE BIG ONE: With HIP-3 launching on Hyperliquid soon™, people will be able to launch their own perps markets. There are (external) teams planning to launch USDe paired perps - this could be very big - the yield from holding positions in these perps can significantly offset funding fees. Guy estimates that it could quickly net Ethena an additional 100m in revenue. Secondary to the above, they may well start doing the carry trade on Hyperliquid (they currently don't, which is partially why funding is often higher than CEXs) - they would isolate the higher risk by launching a NEW stable product - something like hUSDe - which would likely have higher yield than USDe, but be isolated from causing contagion if Hyperliquid blew up for whatever reason. Other bullish stuff: With rate cuts coming, and Spark (SPK) having more flexibility in deploying USDS/DAI to maximize yield, Guy forecasts up to 30-50% of that stable could end up being backed by USDe. The team has seen interest from tradfi funds in the stablecoin X DAT, and they realize they need to pitch it and sell it to see the flows come in. I could not be more bullish on ENA.

here's the link