From the perspective of meme, ENA has several advantages:

First, the track is good. ENA belongs to the algorithmic stablecoin track, which is the holy grail of the currency circle - if BTC is the holy grail of the decentralized ideal, then the native stablecoin is the obsession of the currency circle.

But in this matter, we have seen countless losers, and even some junk projects like ampl can get some attention in some publicity. In every bull market, there can be a story of first comers harvesting latecomers.

However, in the end, people will realize that the most important thing about algorithmic stablecoins is not design, but resources and narratives: who will form this bureau, what is their energy, what is the pattern, and what can they do? Can they continue to expand the scale of stablecoins in the future, and continue to expand the use scenarios, so that exchanges will use usde trading pairs in the future? This is not something that everyone can do, and it is not something that can be done at any time!

At present, the timing is good. At this time when Luna exploded and other stablecoins were useless, and at the time when the bull market in the cryptocurrency circle was about to start, the value of a more stable but more crazy algorithmic stablecoin was different - especially, the income in this new project came from perpetual contracts, and the investor and initiator was the inventor of perpetual contracts, CryptoHayes.

Of course, strictly speaking, this is not a stablecoin. In the past, the definition of stablecoins was mainly supported by algorithms, involving various mortgages. But I don’t think we should be so nerdy. For people, the native stablecoins in the cryptocurrency circle that are not issued by a certain company but generated by smart contracts are called stablecoins.

As for the mechanism behind it, it is not important. The cryptocurrency circle does not talk about authority, but narrative. It doesn’t make much sense to entangle the definition of stablecoins and the mechanism of ENA.

The second is high yield. This is the first stablecoin in history to generate high returns. I know the power of high returns, which is the foundation of the cryptocurrency circle. Since its birth, the most powerful thing about Bitcoin is the wealth effect, not anything else.

The same will happen to stablecoins. This is no longer a model where the predecessors reap the profits of the successors. It is relatively stable, with retail investors earning interest, institutions building scale, and mechanisms promoting Ponzi schemes. Six years of deep cultivation in the cryptocurrency circle. You can consult with us on any issues and gather together to discuss. For details, please see the signature on the homepage.