My thesis on $ENA has changed in October. In Q3 2025, ENA had a strong run, from fundamentals like total supply increase to speculative catalysts like DAT flywheel. Then on Oct 10, the biggest liquidation reset everything. OI dropped. Funding rates cooled. sUSDe APY fell as the bull market vanished. After rethinking my thesis, I realized the fundamentals didn’t weaken. They actually got better. Previous thesis: USDe to outperform USDC I think it's still valid. In fact, even more likely after Oct 10. Here’s the bottom line: After surviving the biggest liquidation in the industry, people will feel more comfortable holding USDe than ever. G's post also demonstrated that even if USDe oracles weren't hardcoded into money markets, everything would still function properly. However, USDe supply shrank due to negative looping. That’s normal in bear conditions. But when markets turn risk-on again, sUSDe will revive, APY will climb, and DeFi protocols will start looping it again. Meanwhile, new DeFi protocols went live with USDe enshrined in the fundamental level: • @strata_money → structured yield built on USDe • @etherealDEX → perp DEX using USDe as collateral • @mstable_ → looping USDe yield on Pendle and Aave into structured product. The list keeps growing. USDe keeps expanding even at low APY. Now the most exciting part: Stablecoin-as-a-Service or Ethena Whitelabel Ethena has started building native stablecoins for: • Sui: suiUSDe, USDi • Jupiter: jupUSD • MegaETH: USDm If USDC represents the old model where yield flows back to Circle, then Ethena Whitelabel flips the system. Ecosystems keep their own stablecoin yield. Interest recycles back into their protocols. Infinite loops form naturally. This model can spread across wallets, perp DEXs, prediction markets, and neobanks. Soon you’ll see fewer USDT and USDC pairs. and more native stablecoins powered by Ethena infrastructure behind the scenes. Ending with attention on ENA: Top traders still mention and trade ENA alongside strong alts like PUMP and HYPE. As markets recover, ENA could lead again. Because soon more people will realize ENA is the ticker for stablecoin narrative. Locked in. ENA.