Is there a Trump? Where does the value of ENA itself come from? $ENA , if it is not like the relationship between Luna and UST, all the locks of usde come from the stablecoins of ETH, such as USDT, USDC, DAI, etc., and then use usde staking to obtain susde to participate in other points activities, then even if the TVL of USDE is 20 billion in the future, there is no value linkage between it and the governance token ENA.
I have understood the operating logic of the Ethena platform, including the hedging rate and compensation mechanism. But the value logic of ENA itself is still not clear. Can anyone explain it?
To be honest, the valuation logic of these Restaking is a bit strange, but the 10-15% circulation rate and private placement lock-up mechanism are popular recently. FDV is indeed hard to see. It may be more convenient to look at the circulating market value in the early stage, and start to refer to FDV after 1 year.
