Most people get $ENA wrong—they treat it like any other speculative asset. But here's the thing: it's actually the governance backbone of Ethena's entire protocol.

The real alpha? Look at sENA. This mechanism is quietly reshaping how projects interact with the ecosystem. You've got Based building on it. Ethereal's integrating it. Strata, Terminal, Derive, Echelon—they're all tapping into this framework.

Think about what that means. When multiple teams independently choose the same infrastructure, they're not following hype. They're validating a model that actually works. The token isn't the product here—the governance layer is. And these partnerships? They're proof that the architecture holds up under real-world pressure.

That shift from token-as-asset to token-as-utility layer? That's where things get interesting.