Here’s my best guess at how to build $5B in TVL in 15 months:Build in the Bear Market, Grow in the Bull.BTC Weekly // https://velo.xyz/chartEthena’s project is ambivalent to price, as USDe is delta neutral. However, the incentives needed to build USDe perform better in an up-trend. Most tokens do not have any inherent worth. An incentive token’s capacity to drive TVL is correlated to price, and the depth of liquidity available to sell at that price. Ethena leveraged partnerships across multip...

Here’s my best guess at how to build $5B in TVL in 15 months:Build in the Bear Market, Grow in the Bull.BTC Weekly // https://velo.xyz/chartEthena’s project is ambivalent to price, as USDe is delta neutral. However, the incentives needed to build USDe perform better in an up-trend. Most tokens do not have any inherent worth. An incentive token’s capacity to drive TVL is correlated to price, and the depth of liquidity available to sell at that price. Ethena leveraged partnerships across multip...