$569M in cumulative revenue for @ethena_labs. But the most surprising data regard the steady rebound in recent months despite broader market cooling. That growth curve now meets two key catalysts: — USDe-native perps went live on Ethereal, letting traders earn USDe rewards on margin balances creating a direct demand loop for stable collaterial — Whitelabel Stablecoin-as-a-Service opens Ethena’s infrastructure to third parties, extending its yield and minting rails Together, they show Ethena evolving from a yield product to a full synthetic dollar economy. Is Ethena building the model for DeFi’s next revenue engine?