Luna was worth $40B (~$110B FDV) at its peak with $18B UST issued. ENA is worth $4B (~$9B FDV) right now with $15B USDE issued. Just to give you some perspective... This doesn't smell like a market top to me, but what do I know 🤷‍♂️

Disclaimer: I made this comparison strictly based on market caps in relation to their issuance of stables, which I think gives a nice angle on where we are in the cycle with project valuations. Ethena is obviously NOT Luna, they are very different projects.