Ethena has opened up some USDe limits on Aave, but the speed of funds entering has slowed down. This is mainly due to the uncertainty of the current 12% yield subsidy. My previous understanding was that the reward pool would match the opened limits, but the official response seems uncertain, and currently, there is no visibility on how much of the rewards have actually been allocated on Merkl. If I were the project team, Since we have chosen to pursue this growth channel outside of PT, it would be best to match the 12% yield. If that can't be matched, then control it through the limits rather than lowering the yield, otherwise, compared to other strategies, the attractiveness will significantly decrease.

To add, the quota for sUSDe is also full, because the condition for USDe Leverage Liquidity is that 50% of sUSDe must be allocated. So the inability to inject funds is also related to this. Let's see how this quota will be supplemented in the future.