I've recently discussed Ena with many friends, and here are my thoughts: 1. From a token structure perspective, buying tokens during the unlocking period is very difficult, similar to OP and ARB in 2024. 2. From a business perspective, 10 billion TVL is currently the upper limit in the market. Furthermore, as market liquidity worsens, the required reserve ratio will increase, leading to lower visible returns, creating a vicious cycle. 3. For many years, Ena has focused on expanding its on-chain DeFi capabilities because it offers quick results. However, it lacks breakthroughs in off-chain adoption, positioning itself as an alternative investment product rather than a stablecoin. As on-chain liquidity shrinks and new business development falters, its future narrative will weaken.