At the beginning, @ethena launched as one trade in a wrapper: short the perp, hold the spot, pass the basis to users. When funding ran hot, sUSDe paid north of 20%. That trade is now crowded and commoditised. Basis trade → drying up Institutional lending → ~5%, uncorrelated AAA CLOs → credit-driven, near-zero crypto correlation So @ethena rebuilt itself into something else entirely = an actively managed yield desk Yet, none of the new strategies will recreate the 20% era. They all converge near 5%, roughly where USDC on Aave already sits. Which is exactly why the @coinbase partnership is a valuable pillar. A diversified yield desk only works if it has somewhere to sell. Coinbase already routes ~63.5% of USD deposits on Morpho Base, around $2.3B, and Ethena gives those users one product that holds lending, RWAs, and basis trades at once instead of forcing them to pick. Even modest penetration of Coinbase's stablecoin base would move deposits meaningfully. The more interesting second-order effect is on $ENA itself. Morpho has consistently traded at a premium to Aave because the market prices in the value of Coinbase distribution. If Ethena becomes a core yield product inside Coinbase's stablecoin stack, the same premium logic could begin to apply to ENA, though that is a possibility the market may price in over time, not a guarantee.