I think the demise of Ethena is greatly exaggerated on the timeline. Choosing to deprioritize launching a chain is a good move if they don’t see a clear need or use case. The last thing you want to do is invest lots of time, money, and credibility in launching a product you don’t believe has a clear chance of financial success. USDe still needs to right-size and demonstrate it is viable absent ENA rewards. But I’d be surprised to see it cease to exist. I imagine in 2-3 years it’ll be how I’ve always described it: a legitimate, niche product that will have significant tactical use, but not widely held as a retail-facing savings product.