Can Ethena rush at the opening? What is the institutional price? What is the current price in the futures market? What similar competing products are there? Today’s picture answers all your questions! Recommended to forward and collect!
@ethena_labs will open in 2 days. Here is a simple market value comparison chart + project introduction for your reference.
Ethena is a protocol that uses $ETH as a collateral asset to issue stablecoins. Their stablecoin is called $USDe. It currently has a market value of 1.5 billion and is currently the fifth largest stablecoin in the currency circle.
They use a "delta neutral" approach to issue stablecoins. Simply put, they hold $ETH spot, and at the same time hold an equal amount of $ETH short positions on the exchange to achieve hedging, and then mortgage this set of synthetic assets. , and issue the $USDe stablecoin. This approach can avoid the risk of the stablecoin de-anchoring due to a collapse in collateral.
1. Important information?
• Opening time: 2024/04/02, 16:00 (UTC +8)
• Total number of tokens: 15,000,000,000
• Initial circulation: 1,425,000,000 (9.5%)
• Total Launchpool mining volume: 300,000,000 (2%)
2. Futures price?
The following figure adds the prices of $ENA on the two futures platforms Aevo and Whales Market, which are 0.664u and 0.661u respectively. Here are the links to the two futures platforms:
• Aevo: https://app.aevo.xyz/perpetual/ena
• Whales Market: https://app.whales.market/?token=ENA
Lang Zai personally feels that the current futures price is a bit overestimated, corresponding to a circulating market value of 940 million and an FDV of 9.9 billion.
Referring to the chart below, you will find that projects above this market value are basically leading projects in each track, and the circulating market value of 940 million far exceeds the circulating market value of most Binance Launchpool projects in the past, ranking second. It is $ETHFI, which has a circulating market value of only 776 million.
Therefore, Wolfboy does not recommend buying futures now. Of course, it is also possible that I have underestimated the narrative of Delta neutrality.
3. Institutional price?
The following figure also adds the institutional price of Ethena's financing. They have completed 2 rounds of financing in total, raising a total of 20.5 million US dollars. Here is some basic information about the 2 rounds of financing:
• Seed round: price unknown, financing 6.5 million, valuation unknown
• Strategic Financing: Price 0.019u, financing 14 million, valuation 286 million
4. Don’t have a Binance account yet?
Register on Binance and follow the rebate link of Wolfboy. You can enjoy a 20% fee discount for spot transactions and a 10% fee discount for contract transactions: https://binance.me/zh-CN/join?ref=LX8RL8CK
