Ethena is playing a big game. When the delta neutral trap for earning hits a ceiling, ENA starts to aggressively roll out its white label stablecoin business - this might be its true killer feature.

Recently, the USDm deposit product from MegaETH has become extremely popular, and behind it is actually Ethena's SaaS solution at work. The protocol is no longer just focused on its own small territory, but has packaged its underlying capabilities into a toolbox, allowing others to quickly build their own stablecoin systems.

This move is quite clever: the original model was limited in scale, but now it directly acts as a "stablecoin infrastructure provider," which opens up the market space. The next chapter of the ENA story is likely to revolve around this line.