Wu said that, based on data disclosed by DeFiLlama and analyst Tom Wan, driven by related incentive activities on the Solana chain, the supply of Ethena's stablecoin USDe on the Solana network has surged short-term by over $450 million, currently reaching $560 million, and has driven USDe's total market capitalization back to the $4.4 billion level. Tom Wan stated that although this strategy has previously triggered explosive growth on other chains, fund retention has always been a challenge; previous liquidations, hacking incidents, and weakening incentives have all led to outflows after peaks. This event will be a new test for its retention rate.