Ethena Everywhere. The new narrative for ENA: after the decline in delta-neutral yields, Ethena is shifting its focus to other areas to address the scalability limitations of its original model. Its white-label stablecoin business is rapidly entering the market. For example, the recently popular MegaETH deposit USDm is Ethena's SaaS product. This direction is likely to be the main narrative for ENA in the second half. Projects within its ecosystem, such as Terminal, Ethereal, and Strata, will also provide numerous use cases for USDe. Delta-neutral yield stablecoins have been tested through a cycle and can still survive in the market, but they show limitations in scalability. For Ethena, the next phase of development will revolve around its other stablecoin USDtb and SaaS business.