Introduction: #ENA
Ethena is building derivatives infrastructure that enables Ethereum to transform into a global internet bond via delta-neutral positions on stETH, creating the first crypto-native, yield-generating stablecoin: USDE. The project is incubated by Binance Labs.
Tags: Decentralized Finance, Stablecoin Protocol
Both rounds of financing were led by Dragonfly, and the following investors are also top institutions such as: Binance Labs, OKX Ventures, Kraken Ventures, Wintermute, etc...
From the financing aspect, we can see that many large institutions are very optimistic about this agreement, and the valuation has reached US$300 million!
It is also Binance’s 50th new coin mining project.
The short-term investment price has also been announced recently:
On April 2, 750 million ENA were airdropped, with more than 90,000 eligible user addresses (the top 2,000 users with points and Pendle’s YT token holders will only unlock 50% initially, and the remaining 50% will be linearly unlocked within 6 months Unlocked. In addition, 3% of the total amount of tokens in this airdrop (0.15% of the total supply) will be distributed to SchizoPosters and Redacted Remilio Babies series NFT holders.)
Team background:
Guy Young: Founder and CEO, has over 20 years of experience in financial markets, having held trader and management positions at top financial institutions such as Morgan Stanley, Goldman Sachs and Citadel.
Elliot Parker: Head of Product Management with over 10 years of product management experience working at tech giants such as Google, Facebook and Amazon.
Conor Ryder: Head of Research with over 5 years of cryptocurrency research experience working at leading cryptocurrency companies such as BitMEX, Deribit and Aave.
An in-depth analysis of Ethena Labs and its stablecoin USDe
Project Overview:
Ethena Labs is a project dedicated to creating a "Delta-neutral" stablecoin USDe.
The project is heavily supported by BitMEX founder Arthur Hayes, who even minted a large amount of USDe himself.
USDe's mortgage assets are composed of equal amounts of long spot ETH and short futures ETH, aiming to ensure that the mortgage position is not affected by small fluctuations in the price of ETH.
The biggest highlight of USDe is its considerable yield. Official data shows that its highest annualized yield can reach 87.55%.
Project Benefits:
High yield: USDe provides pledge users with stable returns from spot long pledges and unstable returns from futures short funding rates. The combination of the two can achieve high returns.
Strong risk resistance: Due to the "Delta Neutral" design, USDe's mortgage position can resist the risk of ETH price fluctuations to a certain extent.
potential risks:
Security risks at the staking level: There are potential risks to the security and sustainability of staking nodes.
Security risks of futures contract opening platforms: Whether it is DEX or CEX, there is a risk of hacker attacks.
Contract Availability Risk: Under certain circumstances it may not be possible to open or close a futures contract.
Funding rate risk: There is a possibility that the funding rate will turn negative. If the comprehensive rate of return is negative, it will pose a threat to the stability of USDe.
Project Progress:
USDe’s live total minting amount is $234 million and has been growing strongly over the past few months.
Ethena Labs just closed $14 million in strategic funding and opened up product access.
Ethena Labs is actively seeking cooperation with other projects to further the development of USDe.
Future outlook:
Ethena Labs will continue to improve USDe's product features and expand its market influence.
USDe is expected to become a dark horse in the stablecoin track, providing users with higher yields and safer stablecoin options.
Here are some highlights worth paying attention to:
How will Ethena Labs address the potential risks faced by USDe?
What impact will the public launch of USDe have on the stablecoin market?
How will Ethena Labs grow its business in the future