Alert: Important Notice for ENA/USDe Holders The Ethena team is currently using 180M ENA tokens (25% of SENA supply that earns sats) to farm sats in Season 3, effectively diluting other participants' rewards. This raises significant concerns about the team's ethics. A thread

ethena risk committee confirmed all fee switch parameters met on may 13. $332m in cumulative protocol revenue generated, $0 distributed to ENA holders. governance vote is now weeks away, not months. MKR repriced 40% in the 3 weeks between forum post and on-chain vote when they activated buybacks. the trade here is front-running the governance announcement, not the activation. watch for the forum post. 171m ENA unlocking schedule is the counterweight but $1.04b market cap on a protocol doing 9 figures in revenue with zero value accrual to the token is a setup that resolves violently in one direction or the other