Ethena seeded $200M of USDG each into Kamino/Sentora and Jupiter Lend/Bitwise markets, letting users loop USDe collateral into borrowed USDG at roughly 2% and target around 20% net APY. Kamino filled its borrow cap inside 24 hours, Jupiter Lend is around 78% utilized, and the two pools now hold about $397M of USDe collateral. The real signal is Bitwise, an $11B asset manager, running live risk parameters on Jupiter Lend while USDe supply on Solana explodes from ~$1.5M to ~$350M in five days.

TLDR by @Benthic