Ethena is the largest gainer on the board, up 50.4% in twenty four hours to $0.1323, and it sits second on CoinGecko’s most viewed list behind only Bitcoin. A move of that size in a token with a $1.4 billion market capitalization normally invites the same question this site asks every time: is anything real underneath it? In this case the answer is unusually specific, because Ethena publishes revenue, and the number it publishes changes how the move should be read.