Ethena scaled the fastest synthetic dollar in crypto history on CEX perps and OES custody. USDe ~$4.48B, sUSDe yield down to 3.55%, Reserve Fund $62M. USDtb (BlackRock BUIDL) goes GENIUS-compliant onshore via Anchorage; Janus Henderson signs on — while Converge stalls. A lucid yield-dollar audit.

EigenLayer pioneers ETH restaking via AVSs, securing 19.7B$ TVL and 70% market share in 2025. This infrastructure multiplies security for oracles and DeFi with slashing and yields. Uncover mechanisms, metrics, and risks for extended consensus.