Post
Yuvi.
$ENA
稳定币规模扩张，ENA能否把增长转化为可持续收益？
储备结构、对冲效率和分发渠道决定协议收入，也决定极端行情下的韧性。若供应增长同时收益来源更分散，估值会更稳。
若资金成本抬升、对冲风险增加或赎回压力扩大，我会谨慎。
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