$ENA is one of the strongest utility tokens in the market right now Let's be honest → The need for a true crypto-native stablecoin is clearer than ever → something pegged to the dollar, fully on-chain, and not dependent on banks. Most fiat-backed stablecoins depend heavily on U.S. Treasury bills and the traditional banking system. As of July 2025, Tether holds more than $105B in short-term U.S. Treasuries, and Circle follows a similar model. This structure works when interest rates are high, but the Fed will cut rates in December and cut more in 2026. Lower rates mean lower bond yields which directly reduces revenue for fiat-backed stablecoins. And this big concentration also brings trust risk: one liquidity or legal shock can shake the entire stablecoin market. Because of this, crypto market need @ethena_labs And right now → Don’t let market noise fool you → This is the stage where weak protocols get washed out and only real builders stay Just because USDe supply is down or $ENA price pulls back doesn’t mean “it is over.” This is simply a reset phase to remove leverage, clean out weak hands, and prepare for the next growth cycle. ➥ ENA, the governance token of Ethena, now goes far beyond “just voting.” When the fee switch activates, ENA stakers can earn 10–20% of protocol revenue, and Ethena’s 2025 revenue is already close to $600M. sENA earns rewards from top Ethena ecosystem partners: Ethereal DEX, BasedOneX, Strata, Derive, Terminal, Echelon, and more. These partners committed to giving sENA holders up to 15% of their future token supply. TL;DR: $ENA holders will benefit from the airdrop and revenue