Is ena a Ponzi scheme?
No! The Ponzi scheme is also known as "taking money from one pocket to pay another" or "making money out of nothing". In short, it is using the money of new investors to pay interest and short-term returns to old investors.

Many people compare Ena to Luna, believing that it is also a Ponzi scheme that will collapse sooner or later. In fact, they are completely different.
Luna is a Ponzi scheme. The issuance of ust requires the purchase of luna and then its destruction. The larger the issuance, the higher the debt on the luna token. When the price of ust falls below 1u, users can obtain luna of equal value by destroying ust. It seems to be a perfect design. However, due to the increasing issuance of luna's ust, when the price of ust collapses, new luna equivalent to several times or even dozens of times the total amount of luna will be issued. There is simply not so much money in the market willing to take over luna. Everyone knows that as long as the depegging of ust continues, a large amount of luna will continue to be issued.
Luna's ust income is all dependent on the ever-increasing Luna liabilities. Ultimately, it is the latecomers who give money and the early comers who receive it.

Ena is not a Ponzi scheme. Ena's income comes from three sources: steth's staking income (3%+) + short order rate income (15-40%) + Ena's expected income from the second phase of airdrops (market pricing is 30%-60%)
The second phase of ena airdrop will only bring a one-time selling pressure at most, and will not have any impact on the ecological usde. Moreover, according to the current common practice, when facing a large number of unlocking and airdrops, the project party will instead announce major benefits or pull the market to reduce panic selling pressure.
USDE is exchanged for USDT/DAI/USDC, etc. All the income is real income from USDT, etc. If you take a snapshot at any time, the amount of USDE will always be less than (the amount of USDT+USDC+DAI, etc. deposited).
Smart people will say that the short position rate can make money or lose money, and if the rate is negative, the market will collapse. Then I answer you, no!
The short position fee rate is negative. I must have closed the short position and sold the spot. In this way, the income will be gone. My USDT and other income will not increase. There will be no income for USDDE. Your principal is not reduced. I can still pay all your USDDE redemptions. The short position fee rate is negative usually in a bear market. The USDT income in a bear market is only 1-2%.
Another smart guy asked, if the agreement has no income, will TVL drop to 0? First, the project party will deposit part of the income in the bull market into the treasury, in order to face the situation of no income in the bear market. Secondly, there may be a certain airdrop expectation, and there will always be people willing to deposit it. BN gives you an interest rate of 1.5%, and here is also 1.5% with a little airdrop, so naturally some people are willing to do so.
But it is undeniable that in a bear market, TVL may decline, and the price of ENA will also be affected. But in a bear market, BTC, ETH, UNI, etc. will all fall. I believe that ENA may fall more, but it may rise from 1.3 to 20 and fall to 4.

What is the use of ena?
ena is the protocol governance token.
In comparison, MKR is also a stable currency issuance agreement, with a TVL of 8 billion US dollars, a market value of 2.8 billion US dollars, and an annual profit of 74 million US dollars.
Ena's TVL is valued at US$2.5 billion, with a market value of US$1.8 billion and annual profits of US$500 million.
If a company spent 1/3 of its turnover and created 7 times of profit, the valuation of this company is by no means a simple 7 times. Moreover, the issuance volume of USDT+USDC is 1300e USD, and the contract position is 50 billion USD. As the market goes bullish, this number will still be magnified several times.
Currently, only 10% is in circulation, and 90% is to be unlocked gradually. Currently, the revenue of usde is far higher than other protocols, and even if it is reduced, it is still feasible. Who will get the extra revenue after the reduction? Who do you think it will be given to?
Before a team unlocks or before the second phase airdrop is issued
predict:
1. Initiate a proposal to reduce the usde income, give xx% of the income to ena pledgers, and xx% of the income to the treasury, voted by ena
http://2.bn launched the USD/USD trading pair and started a period of free handling fees
3. After pledging, USDE can be traded on Uniswap
4. After the pledge, USDE can be borrowed and lent on COMP and AAVE
5. There are still many things that can be predicted, I can’t say more, I’m afraid you will be too fomo if I say too much, if the currency price falls back, I will fomo you

Why does BN have to be listed in the USDE trading area?
1. ENA provides BN with a large amount of contract liquidity. BN will also sign an agreement with ENA and will not be liquidated due to rapid short-term price fluctuations, provided that part of the profits are shared with BN, and BN itself will also eat some of the rate difference.
http://2.bn You can also get 20% staking income by holding your usde.

The United States does not like tether and needs to control decentralized stablecoins
Tether's funds are lying around to eat the interest of national debts, and cannot be loaned out to provide market liquidity, which is equivalent to sucking the blood of the United States. Therefore, of course, Tether is being used. Among the several banks of Tether, only one small agent bank is in the United States. At present, the United States controls Bitcoin's ETFs and the application platform with the highest trading volume, Sol. The next step is to control decentralized stablecoins. Of course, it is hard to say whether ENA is it, but ENA is the best choice I have seen so far.

Three suggested ways to get involved
ethena's only official website is http://app.ethena.fi/join/r10n8
1. [Suggestion] If you want to get a higher rate of return, it is recommended to purchase ena and participate directly. ena can get a 30-fold airdrop coefficient, which can not only enjoy the increase of ena, but also enjoy the highest airdrop coefficient of ena phase II. Tutorial reference Figure 2
2. [Suggestion] If you have a lot of idle U, it is recommended to configure 50% of the U market value of ENA to participate, that is, 10,000 U + 5,000 U of ENA. Because ENA can increase your USDE airdrop coefficient by 50%. For the tutorial, refer to Figure 3. After purchasing USDE, select the USDE income you want to participate in on the Liquidity interface. Different protocols and quotas are being updated. You can freely choose according to the annualized USDE and airdrop sats coefficients.
3. [Not recommended] Give up all airdrops and ENA protocol income, and only get a fixed annualized return of 77%. It seems to be quite profitable, because you don’t have ENA, but in the process you see ENA constantly rising and more and more good news for ENA, and it is easy for you to keep chasing high, resulting in the lowest return or even loss. ENA’s highest increase of 300% in 3 days after it went online, you only get 77% of the return in a year, and the 77% return is as of July, and the total return is only about 20%. Refer to Figure 3. After purchasing USDE, you can open https://app.pendle.finance/points and select the pledge you want to participate in.
Yt only has the right to income. There is no principal in the account after purchase, and you will get the income as much as possible.
LP has both income rights and principal. [Recommend participation]
pt only has the right to the principal and gives up all rights to profits.