ENA is the star project of this round, linked to the stablecoin USDE. If there is a prolonged period of negative rates in the future market, such as a deep bear lasting for two weeks to a month, users will redeem USDE. The mechanism of USDE is that for every coin exchanged, users will buy ETH of equal value and open an equivalent short order for arbitrage to take ETH's capital fee. Redemption, on the other hand, will sell ETH to offset the short order. But the ENA operation process is not done on the chain, but on major secondary exchanges. We are not sure about the actual operation situation, whether it was carried out in a timely manner, and whether there is a risk of bad debts. And this time BYBIT was robbed of $1.5 billion in ETH.. It is likely that a portion of it is directly attributed to ENA, and it is inevitable that everyone will panic about ENA.