Ethena FDV-to-fees ratio compressed to ~5.8 in January, while fees hit $29M (+32% MoM). With $ENA trading near ATL, the playbook is clear: push $USDe into TradFi and CeFi, embed it deeper as collateral, and optimize duration and yield as rates roll over. If execution lands,

ENA0.32%
USDE0.02%
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