How does Ethena aim to attract more USDe holders? The answer is simple—eliminate trading friction and increase reward incentives. This stablecoin protocol recently launched a gasless trading solution on Ethereum and simultaneously increased the reward multiplier from the baseline level to 10x. What does this mean? For holders, trading costs are reduced, and the reward potential is expanded. In an era where DeFi competition is becoming increasingly fierce, those who can offer users cheaper, faster, and higher yields will be able to retain users. Ethena's move appears to be competing for market share in stablecoins by offering tangible benefits. The underlying logic is: the more liquidity and participation, the healthier the ecosystem. Such incentive upgrades are common in Web3, but few projects can execute effectively and continuously attract users.