We shared our memo on @ethena_labs with readers of @the_defi_report on 6/20 The setup and thesis were simple: 1. We're bullish ETH 2. Ethena has a reflexive relationship to ETH (in particular, ETH open interest) 3. Ethena has several tailwinds at its back: stablecoin narrative, yield-bearing stablecoin, integrations w/TradFi, roadmap catalysts (fee switch) Not to mention, we feel strongly about Ethena's team. We presented it as a high-risk/reward play that should provide beta to ETH That's exactly what's playing out now (ENA up 80% since we posted our memo, ETH up 54% over the same period. If you'd like to check out the deep dive on the project, you can do so via the link below 👇