The unlock coming on the 5th of March is material and I'd attribute majority of price weakness to that atm. I would watch price and the chain post unlock to determine if it has the potential to be a bullish unlock. Just a reminder Tangent is unlocking as well on this cliff. We do not intend on selling our tokens at current prices but may change our mind in the future.

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2. Since my original article Ethena has performed fantastically well from a fundamental POV. Stablecoin supply has grown and APYs offered are still best in class. I still look towards USDe acceptance on Binance and OKX as key catalysts to unlock further growth natively.

3. I don't think a fee switch is that likely to happen anytime soon and for good reason. Few switches makes sense once protocols have established some sort of stability to its business and Ethena is far from that being just over a year old. The ROE of investing proceeds to further business operations vastly outweighs the ROE of distributing dividends or offering token buybacks.

4. I've been buying back spot ENA around these prices after trimming my earlier buys at 70c-$1 in Dec and Jan. I intend on holding this for MTF swing longs as the market gets over unlock jitters.

5. I'm really happy with how the Ethena team has operated and will continue to support them both as an angel and a liquid investor for the foreseeable future.