Wu learned that, according to the Coin Metrics data report, the total supply of Moeda Estável issued has exceeded $190 billion, with USDT accounting for $125.1 billion (66%) and ETH on the mainnet accounting for approximately $104.1 billion. After the election, the volume of Moeda Estável priced by major exchanges soared to $120 billion, and on-chain activities also showed an upward trend, with the adjusted transfer volume of Moeda Estável exceeding $50 billion in November. Driven by the rise in the use of USDC, the volume of Solana Moeda Estável reached a record high. Since Q3, influenced by the market's bullish sentiment and the rise in financing interest rates, the prices of Ethena's USDe and sUSDe have risen rapidly, demonstrating the dynamic changes driven by the profitability of Moeda Estável.