According to ChainCatcher, top trader Eugene Ng Ah Sio posted on social media that Ethena is the fastest growing DeFi product in history. It has expanded the size of its revenue stablecoin to $3 billion in a few months, and no other stablecoin has grown as fast as USDe since its inception. The first chapter of the Ethena story focused on building a secure, high-quality stablecoin. It has withstood the test of extreme market volatility, and now aims to compete for the biggest prize in cryptocurrency - Tether's $160 billion market share.

At this point, Ethena begins its transformation from a DeFi-native stablecoin into a legitimate stablecoin contender with a superior value proposition and significantly improved distribution channels. The introduction of USTb, the latest participation in Blackrock's financial products, and falling interest rates have gradually matured the conditions for Ethena, and it is now in the leading position to make USDe the dominant stablecoin in cryptocurrencies.

With so many inefficiencies in the market, now is your chance to buy into this up and coming contender for 1/4 of WIF’s market cap and enter the largest market segment in crypto.

Despite being the only major new product of this cycle with clear product-market fit (PMF), ENA is not even in the top 100 trading rankings on Coingecko. From a technical analysis perspective, ENA's high time frame chart is very clean. Combined with fundamental drivers and reduced inflationary pressures, I can easily foresee ENA returning to the $1 level. This would not even put ENA on par with WIF in market cap, only on par with POPCAT's recent $1.5 billion circulating supply.

Looking ahead, Ethena has the foundation to scale USDe to billions and even hundreds of billions of dollars. Eventually, as crypto stablecoins gain a larger market share due to international cross-border payments, trillions of dollars are not out of the question. At this point, I would be surprised if ENA doesn't become a top 20 currency, considering it is the best product targeting the largest market in the crypto market. When it will reach this point is still unknown, but Ethena is my bet on the next big dream in the crypto space in this cycle.