The supply of Ethena's stablecoin USDe on the Solana network has surged by over $450 million, reaching $560 million, driven by recent incentive activities on the blockchain. This increase has also pushed USDe's total market capitalization back to $4.4 billion. Analyst Tom Wan noted that while similar strategies have previously led to rapid growth on other chains, retaining capital remains a challenge. Past issues such as liquidations, hacking incidents, and reduced incentives have often resulted in capital outflows after peaks. The current activities will test the retention rate of these funds.