Ethena is playing a bigger game. When the delta neutral strategy hits a ceiling, ENA starts to aggressively expand its white label stablecoin business - this might be its true ace up the sleeve.

Recently, the USDm deposit product from MegaETH has become extremely popular, and behind it is actually the Ethena SaaS solution running. The protocol is no longer just focused on its own small territory, but instead packages its underlying capabilities into a toolbox, allowing others to quickly build 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 significantly. The next story of ENA is likely to revolve around this line.