PT-USDe enjoyers
Ethena is beta to long open interest. As longs stack up, the system backing shifts more heavily from USDC to BTC and ETH/LSTs. This leads to USDe APR going up, and more people minting it. Right now APR is outpacing USDe growth, but both are up only. ENA is going to smash previous highs and people unable to read will be sidelined wondering what happened.
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