#稳定币市场动态 The recent halving of Ethena's TVL is truly disheartening. In just two months, it dropped from 15 billion to 7 billion, highlighting how fragile market sentiment can be. Remember the lively scene when USDe was on the rise? Who would have thought it would encounter a Waterloo so quickly? Upon closer analysis, this sharp decline mainly stems from the retreat of leverage arbitrage. Those high-leverage players who once found no profit quickly withdrew. This also exposes the issue of USDe's over-reliance on external liquidity.

However, I believe Ethena still has a chance to turn things around. They are transitioning to become a white-label platform, providing stablecoin infrastructure for other public chains. Collaborating with major players like Sui and Solana might open up new growth opportunities. Moreover, the protocol itself is quite profitable, with $150 million in revenue in Q3. The key is to reduce dependence on leverage arbitrage and expand more stable revenue streams.

For us ordinary investors, this event is a reminder to remain vigilant about the risks behind high returns. Don't be blinded by short-term gains; it's essential to understand the long-term development logic of a project. The stablecoin field is highly competitive, and long-term survival depends on the project's strategic vision and execution. We should stay cautious and not be easily swept away by quick gains.