Here's a wild stat: Ethena's pulling in $365M annually in fees, yet somehow managed to hemorrhage half its TVL—from $14.8B down to $7.2B—in just 43 days. What triggered the bloodbath? Simple math. When sUSDe yields nosedived to 2.7%, they slipped below Aave's borrowing rates. That singular moment shattered every leverage loop propping up the protocol. And the timing? Brutal. Tomorrow drops $54M worth of ENA unlocks into a system that only functions when...