Can stablecoins come up with new tricks? Ethena Labs' USDe has surged to a market cap of over 10 billion in just 500 days, outpacing USDT and USDC by more than double. Recently, bullish sentiment has been ignited by Ethena's newly established department, StablecoinX, which plans to buy back 260 million USD ENA within 6 weeks, accounting for 8% of the circulating supply, with real cash inflow every day. More importantly, the fee switch mechanism has been approved, meaning that a portion of the protocol's revenue will be directly distributed to sENA holders in the future. According to Tokenomist's scenario simulation, conservatively, sENA could achieve an annualized return of 4%, and in an optimistic scenario, it may even exceed 10%. In the long run, Ethena is expanding the Converge Chain and launching a compliant stablecoin, USDtb, gradually building a diversified income system to enhance its resilience against market cycles. With strong catalysts, can ENA continue to rise? What does everyone think? 🤔