if i were to do a case study on the token problem, i think i would choose ethena.
a token that gives you a little something but not the fully baked rights of a proper security and despite its success this year, is still down 65% and its only down only 65% thanks to the foundation buying hundreds of millions of it.
its horrific capital formation in every way. when you own ena you own nothing and thats kind of the point on my burgeoning crusade.
they arent even shorting it anymore as the market cap of usde falls off a cliff
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