$ENA A major concern today is that the market capitalization of stablecoins is remaining stable. So where does the money come from to promote altcoins? Bitcoin and Ethereum ETFs only focus their cash flows on $Btc and $ETH.

Projects like $ENA were created to solve this problem. In crypto, the cash flow to pump coins is formed through borrowing and using leverage.

In finance, it is not about printing money from thin air but using leverage to create 4-5 times, even 9-10 times capital. Some people look at new farm projects like Ethena and think they are ponzi, but in reality there is always financial risk.

If no one mines Bitcoin anymore, $Btc could collapse. However, because of trust and benefits, the community continues to maintain it.

Ethena's profit mechanism is based on the argument that in an uptrend, people will go long more than short.

Currently, total market capitalization (Total 3) and altcoins are largely flat. This is the same feeling as before $Btc increased from 61k to 68k on the CPI news in May. The money to pump coins is still there, but waiting for the CPI signal on June 12 to confirm the favorable macro trend.

In terms of cycle, this time is similar to June 2020, when crypto was also quite quiet. You guys left to play onchain during the defi season that year and are doing the same now, waiting for Q3.

A healthy market will push many trends at the same time, but currently the market does not have such a push. However, favorable macro trends from May and in crypto with projects like Ethena will create momentum for the upcoming wave.