ethena generated $666m in annual fees on a $780m market cap. price-to-fees ratio of 1.17x. the fee switch isn't even turned on yet. $50m revenue in a single day on march 26. 88% of USDe backing shifted to t-bills, blackrock BUIDL reserves, first GENIUS-compliant stablecoin. they're licensing the entire stack to new chains as white-label stablecoins. jupUSD, USDm on megaETH, suiUSDe all running on ethena infrastructure. $131m deployed and growing. every new L1 and L2 launching with an ethena-backed dollar is permanent demand for USDe collateral. ENA holders currently receive zero percent of that $666m. the moment that fee switch activates at even 50% share, that's $333m flowing to stakers on a token priced under 10 cents. do the math on that yield at current market cap
Show us your lineup! ⚽️
The combination of players can make all the difference in gameplay and technique. We want to see the different lineup’s our community is rocking. Drop those screenshots below ⬇️
You open your fridge to drink cold water, and you take a sip. But instead of water, it tastes like the Egusi soup you cooked three days ago?
Why?
You think it’s just the fridge smelling?
My dear, it’s not o. In fact, it’s a warning sign.
That feeling when you hit 100K diamonds on @LINEUP_games
I’d like to thank my sponsors, @LINEUP_games & @DripMarket for their continued support and belief.
Moving in to 2026 I will be opening new sponsorship slots (looking at you @FullSailFi & @ikadotxyz)
The safest way to travel is by plane. Do you know why?
Because they crash.
A few months ago, I learned a concept called Black Box Thinking which is a system that defines how entire industries respond to failure.
In aviation, when a plane crashes, they don't just look for who to blame.
They find a device called a Black Box, retrieve the data, and then ask what went wrong with the system.
And there is a reason for this.
To explain this, there is a famous story of a crash involving an Asian airline years ago.
When investigators listened to the recording from the black box, they found the engine didn't just fail on its own, the junior pilot actually noticed a mistake.
But because of a cultural hierarchy in Asia that demanded absolute respect for elders, he didn't question his senior pilot.
Instead, he hinted and spoke softly and the plane crashed.
That tragedy changed aviation safety forever.
It moved the focus from "Who made the mistake?" to "Why did the system allow this mistake?"
As we stand on the 29th of December, looking back at 2025, I want you to adopt this strategy of Black Box Thinking.
Most of us look at our failures this year and feel shame.
We hide the crash, and blame the economy, government, or something that does not exist.
But Black Box thinking demands a harder question: "How did I contribute to this problem?"
Did I stay silent when I should have spoken up?
Did I rely on motivation instead of a system?
Did I ignore the data because of my ego?
Don't bury your failures of 2025.
Open the box and analyze it.
Because that is the only way to fly safer in 2026.
Next up on our Striker League Tournament team feature is:
💀Team Doonies (community representing @LosDoonies) captained by the one and only @cuervofrog
💧Team Drip FC (community representing @DripMarket) captained by artist and resident $SUI comedian @magnus_3000
Both amazing teams and great projects to check out!
Baller skill cards can make all the difference when trying to steal the ball back, or score that goal. But can you win a match without using any skill cards?
Don’t forget - the more goals you score, the less you let in, all earn you points. Hitting the challenge gets you the bonus +10 score.
Striker League teams - submit your best game video by 10AM EST on Sunday 21Dec!
The competition is heating up! 🔥⚽️
Round 2 showed score tightening but with 3 more challenges to go anything can happen!
They’re neck-in-neck going for that first place prize, 30,000 💎s & prizes from our sponsors: @NoodlesFi, @LuckyKatStudios, @OgPeanut_solana & @AxolOnSui