megaeth USDM hit $500m supply and triggered 50m MEGA token unlocks. $437m of that is ethena's own capital sitting in the reserves. one counterparty controls whether 53% of MEGA total supply unlocks via KPI milestones. 5.3b tokens gated by metrics that a single entity can manufacture. the tokenomic game is right there in the open. they aren't confessing, they're bragging ...