ENA Token Use Case Analysis_Personal Views 2024/07
Unknowingly, this year has entered Q3, which also means that 2024 is halfway through. In the first half of the year, I shared air investment news on several protocols on Binance Square, such as Kinza, Ethena, VeChain, EtherMail, etc. Recently, I thought it was time to sort out and analyze the latest developments of these protocols.
First of all, this article wants to talk to you about Ethena. Ethena published an article about ENA token economics in mid-June. To be honest, I was a little disappointed. Why?
We can first think about what the current uses of ENA include:
At present, in addition to the incentives of the points system to encourage (force) users to lock their ENA in the Ethena protocol, the PT-ENA pool of partner Pendle is used to attract users to hold and lock ENA with high APY.
Does this sound a lot like the last bull market? That's right, it's the type of mining currency.
Although this article in June used a large section of text to promote Ethena's new partners and development direction, it seems difficult to give smart users a positive ENA holding signal.
In addition, there is the Ethena Chain mentioned by Ethena. It is very ambitious, but the structure is unexpected. The default Gas token of Ethena Chain is not even ENA but USDe. (Not to mention the initial mention of ENA as a governance token. Of course, the governance function may not be significantly relevant to price increase expectations)
Everyone can clearly see the current development. Although the overall cryptocurrency has also fluctuated, the price trend of ENA is obviously more inclined to follow the decline than to follow the rise. Before ENA can not show a positive holding signal, this situation may be continue.
Of course, users can play the ground-breaking enabling use cases of ENA in the near future, but I think the potential risks of holding ENA in the form of mining coins at this stage may still outweigh the potential benefits.
You are also welcome to share your thoughts below this article. If I have misunderstood the content, I welcome your corrections and suggestions.
※The above content is purely personal sharing and not sponsored. It does not constitute investment advice. Users are advised to DYOR and evaluate their own personal risks.
※If you want to participate in the Ethena Season 2 airdrop event and earn ENA, you can use my code:
eu54u
