USDe Undervalued with Strong Growth Potential

USDe has a floor of ~$6B after it's first cycle. Think this is massively underestimated by most people. This is a good update. USDe can now grow without cannibalizing its own crypto-native yield, and become a viable product in any market regime, not just a "long only" one. Team are still killers, and I think Ethena will grow a lot more in the coming years. Time to pay attention to them again.