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@OAK_Res Praying this article marks the bottom for $ENA and from now on it's up only for 3 years

@OAK_Res Good job gang

@OAK_Res Would love to see some sort of response from @ethena / @gdog97_ / @stablecoin_x / @tedchenCPC / team

@OAK_Res Good read, thank you.

@OAK_Res Really well written, fair analysis. Addresses many of my gripes about Ethena as an $ENA bag holder. Biggest being their pisspoor comms on owning up to mistakes and lack of transparency on initiatives.

@OAK_Res @gdog97_ @ethena any update about @convergeonchain ? also any response for the info mentioned in the article?

@OAK_Res Excellent write up. Thoughts on Ethena allocating to more RWAs (JAAA and STAC as you mentioned) rather than pure crypto basis trades ?

Great overview! I totally lost touch with what's going on with the protocol; this allowed me to catch up. I love that the team is experimenting (pivoting) a lot, and it's sad to see most things not work. But that's the business reality. Agree, that more transparency on those experiments would be great

@OAK_Res Layerzero OFT was what made me drop Ethena. Won't touch it until they upgrade their interop solution.

@OAK_Res Trying every lever IS the diagnosis. Real PMF doubles down, doesn't test narratives. Ethena's core, farming the basis, is rate-dependent: when basis compresses, the hold reason fades. New levers manufacture demand the core lost. PMF needing re-narration was a regime, not a fit.