What people said… When we seeded Ethena 2 years ago: “This is just Luna again” When we seeded liquidity pool: “AI crypto is where it’s at, not DeFi” When we doubled down in growth: “Didn’t we try this on Solana last cycle?” When we 100x’d size in public market: “Tether already won the race” Today: “Stablecoins is the biggest opportunity in crypto and we need exposure any way possible”(Jason Choi)