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Yuvi.
$ENA，高利率环境对ENA是利差利好还是风险压制？高收益率可能提高稳定币储备的利息收入，但同一环境也收紧风险资产估值并抬高资金成本。关键不是利率方向本身，而是储备收益、激励支出与代币价值捕获的差额。若净收入持续覆盖激励、储备透明且赎回顺畅，业务韧性增强；若收益下降、补贴增加或储备风险暴露，就应撤回单纯受益高利率的判断。
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