USDe supply is now at $9.55B. At the current pace, we’ll likely hit $10B in about 2~3 days. When USDe reached $9B 2 days ago, @ethena_labs posted a tweet showing the gauge at 90%. I have a strong feeling that post was hinting at something. Given how precisely the team communicates, it probably wasn’t random. What’s also interesting is how well $ENA has held up despite heavy shorting on Hyperliquid. Funding has been negative, sometimes as low as -50% to -100% apy. That kind of pressure usually kills a token. The fact that it hasn’t tells me something is off. Either retail is getting baited into shorts, or insiders are quietly bidding. In a recent AMA with @Edward__Park, @gdog97_ and @ConorRyder made it clear that their top priority is returning value back to the community. Beyond the large buybacks from StablecoinX, they mentioned plans for protocol level $ENA buybacks and a fee switch. Ecosystem projects are also preparing airdrops for $ENA holders. They referenced $BNB as their benchmark. Like Binance, they want growth to flow back to holders. It wouldn’t surprise me at all if they flip the fee switch when USDe hits $10B. The timing would be perfect.