Guy @gdog97_ recently appeared on bidclub podcast to talk about Ethena / ENA, 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 sufficient to meet needs w/o using protocol revenue Revenue forecast: up to 400m a year w/ 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 maximise yield, Guy forecasts up to 30-50% of that stable could end up being backed by USDe. The team have seen interest from tradfi funds in the stablecoin X DAT, and they realise they need to pitch it and sell it see the flows come in I could not be more bullish on ENA.

5am wake up (toddlers don’t care if you are tired). Brutal kettlebell workout to kick start my body and mind. Do something hard on a Monday morning and it sets the tone for the week. Gm.

The most undervalued protocol in DeFi with the most potential upside. Fluid’s DEX V2 will capture the volatile pairs market, and volume, fees and revenue will grow exponentially from here. Fluid is going to be a monster protocol. Just the beginning.

The 5 best alpha tweets I bookmarked this week:

This is USDe’s fastest growth period to date, and it’s happening before any rate cuts. The APY isn't insanely high, but the perceived risk of Ethena has come down, alongside some killer integrations. Higher.

I really don't see a reason to be bearish. The HTF trend remains bullish. BTC and ETH are supported by strong ETF flows, and this remains an institutionally driven cycle. The SEC is now committed to bringing US markets onchain and creating a pro-innovation environment, with very clear rules for builders. The biggest economy in the world is behind crypto in a very public way. The US has identified that stablecoin issuers can be their big new buyer of debt, which means it is very much in their interest to pump crypto. Yes, we can top on very bullish news and likely will eventually, but there is little euphoria around imo, and an ever present wall of worry. I've witnessed two years of day traders calling cycle tops. That is just what happens on here. You are mostly better off muting traders whose time horizons don't match yours. It's unnecessary information that you won't action, and will just cause confusion and panic. August might be shit, I don't know, but right now I still think buying the dip, or simply doing nothing, is the right move. One day we will have the conditions for a proper cycle top, but I don't see that today.

I don't know how the macro bros do it. Jobs data was bullshit, so now we have slowing growth signals again, traders pricing in cuts (again), so now we can pump everything?

Your edge is that you know crypto is inevitable, whilst a lot of the world still thinks it’s a scam. Don’t waste that opportunity.

Wow. • SEC says most tokens aren’t securities • Clear rules coming for ICOs, airdrops, staking • U.S. embracing tokenized stocks, DeFi, and super-apps • Self-custody protected • “innovation exemption” for crypto start ups The default regulatory approach is shifting to allow, and encourage, on-chain as the future norm. U.S. financial markets are going on-chain. You are simply not bullish enough.