Recently, the movements of a large investor in the Ethena ecosystem have attracted widespread attention. According to on-chain data analysis, a top-ranked large investor spent approximately 5 million USD to purchase nearly 450 million sUSDe YT set to expire in July, during the late May to early June period.

This move not only demonstrates the investor's confidence in the Ethena project but also brings substantial daily earnings. Based on the current sUSDe annual yield of 9.74%, this investor can earn approximately $120,000 daily.

What is even more striking is that the investor currently holds as much as 839.5 billion Ethena points, accounting for 3.5% of the total issuance, which is 1.49 times that of the second largest holder. If estimated according to the Ethena fourth quarter airdrop rules, this Large Investor is expected to receive approximately 21.94 million ENA tokens, worth nearly 10.7 million USD.

This event not only reflects the high concentration of funds within the Ethena ecosystem but also highlights the significant influence of Large Investors in the project. At the same time, the potential airdrop benefits of such scale have sparked discussions within the community regarding the fairness of token distribution.

As the Ethena project continues to develop, the market will closely follow the subsequent movements of these large investors and their potential impact on the entire ecosystem. This event also provides valuable insights for other blockchain projects when designing token economic models and incentive mechanisms.