Maker DAO has silently rebranded to Sky Protocol and its stablecoin $DAI to $USDS, and very few people have noticed.

Recently, Ethena's USDe has taken DAI’s spot as the 3rd biggest stablecoin, and its TVL has crossed $10B, while Sky’s is only $6.8B. But Sky still generates around 50% more fees than ENA, and companies & DAOs generate the most fees i.e. they have users willing to pay for the service they provide.

if you compare, SKY is still far ahead of ENA in few major metrics.

Fees(30d)

Sky - 44M
ENA - 30M

Stablecoin senders

SKY - 38.7K
ENA - 15.5k

Sky is a long established protocol with consistently stable growth, having weathered all market conditions, and $DAI has never Depegged till date. In contrast, ENA is still in its early stages and has many tests to pass before finding and settling to it's ground.

But from price perspective, the most important metric is volume. Rn ENA is the favorite stablecoin Narrative of CT, with volume exceeding $10B, while Sky’s volume is still less than 0.5% of that.

🚨 Ethereum Unstaking Queue FUD? Let’s break it down

The unstaking queue is currently at 897,214 ETH (~3.3% of all staked ETH). But it’s not as bearish as CT is making it look 👀

Out of that, 318,015 ETH is in the entry queue, making the net exit 579,199 ETH.

In the last 6 days alone, exchanges saw 500K ETH withdrawn (~$2.2B of potential sell pressure already removed).

Next, Institutions are loading up big. In just the last 24 hours, Bitmine bought $500M ETH, now holding $5.8B ETH…
…and they’re planning to buy another $20B worth over the next 3 months.

Worst case, even if all unstaked ETH hits the market, demand + institutional buying strongly outweigh the sell-side pressure, far from the doom narrative CT is pushing.

Bybit made one of the most bullish announcements for Mantle this year.

$MNT has now been integrated into Bybit’s core business, the 2nd largest CEX in the world following almost the exact same playbook Binance used to turn $BNB into a giant.

Currently, $MNT is already part of Bybit’s Launchpool projects, and soon it will also be used for discounted trading fees. The team has hinted at even more utilities in the future, which could mirror the kind of use cases BNB has on Binance, but this time for $MNT within the Bybit ecosystem.

Since the announcement, price has surged 45%, wallets hit an all-time high, and TVL has climbed past $2.2B.

If momentum continues, MNT could evolve into something much bigger.

Eigen hit ATHs in:

- TVL
- Token Holders

but reached an ATL in :

- USD Inflows
- Daily Active address

The protocol still have $566.19 Million in staked value that is 131.35% of mcap.( up from the bottom of $277m). For price to revisit ATH, growth must come from new users + higher onchain activity, not just TVL stacking.

Ethereum’s leveraged short positions hit a record high.

- If ETH moves $400 up, total liquidations will be around $4.5B.

- If it goes down $400, total liquidations will be around $1B.

- If ETH hits ATH this week, total liquidations will be around $10B.

The squeeze setup is loaded… question is: which side gets rekt first?