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ENA isn’t just betting on crypto going up — it’s betting on traders getting more leveraged. Here’s the simple version: Ethena creates USDe and hedges it with short positions. When traders pile into leveraged longs, they pay funding fees to those shorts. Ethena collects that funding. More leverage → more funding → higher yield for sUSDe holders → more deposits → bigger USDe supply → more capital for Ethena to generate yield from. That’s the flywheel. #DailyOrbit