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Curious about Ethena Labs' growth engine? Here's how their SaaS flywheel actually operates.
The model stacks leverage upon leverage—each component feeds the next, creating accelerating momentum. User adoption drives protocol volume, which strengthens tokenomics, which attracts institutional capital, which enables deeper liquidity and product expansion. That expanded liquidity then pulls in more users. It's not accidental; it's architected.
The real edge? They've baked sustainability into the mechanics. Unlike models that require constant marketing oxygen, this one becomes self-reinforcing once critical mass hits.