ethena went from 90% perps exposure to 88% T-Bills in one quarter. $15b USDe supply collapsed to $5.8b. sUSDe yields sitting at 3.5%. they survived the funding rate crisis by becoming a money market fund with extra smart contract risk. if the fed cuts to 2-3%, sUSDe yield goes sub-2% and you're taking defi complexity risk for less than a savings account. 61% of holders already left. the ones still here are short interest rates whether they know it or not ...