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【Favorable target: $ENA 】

On Monday, two DeFi tokens worth investing in were marked, namely: UNI and ENA.

Among them, UNI's trend is very stable, and everyone's recognition is very high, and it can be held for a long time.

However, ENA is the opposite, and everyone is not interested in it. Here is an explanation for everyone:

The essence of the ENA project is to do: a decentralized algorithmic stablecoin project, and its stablecoin is: USDe, its overall scale has reached $4 billion, and in the past month and a half, the overall scale has increased by nearly 40%, second only to the stablecoin DAI issued by MakerDao.

USDe uses the neutral mechanism of DELTA to issue USDe.

1 USDe = 1 USD ETH + shorting 1 Ethereum / USDe reverse perpetual contract.

USDe's APY is also super high, reaching 25%.
APY is the overall funding rate obtained from shorting on the current exchange. In other words, as the market gets better, more people will go long, and the more people go long, the more they will pay the funding rate to the short sellers, so the protocol income of the entire ENA will get higher and higher. As the protocol income gets higher and higher, the APY paid to these pledgers will get higher and higher.

This forms an upward flywheel.

From DeFiLlama, the protocol income of the entire ENA has been growing continuously after the market has improved recently.

On the other hand: ENA launched a new stablecoin today, USDtb, which is similar to BlackRock, and is expected to be launched next week, which is also a big benefit to it.

From the market point of view, ENA's trend this week is also very volatile. From 0.6 at the beginning of the week, due to Binance's issuance of a competing project similar to ENA, BFUSD, ENA was about to fall below 0.5, but so far, the market has slowly pulled back, and the current highest has reached 0.834, with a 30% increase.

Next week, as the details of the cooperation with BlackRock are announced, another wave of increases is expected.