Top trader Eugene: Ethena has developed beyond expectations in the recent bull market and has raised the ENA target

According to BlockBeats, on November 23, top trader Eugene posted on social media that USDe now has 3.7 billion in circulation, an increase of 1.2 billion in the past 6 weeks. During this period, the yield of sUSDe ranged from 10% to 25%. Deribit accepted USDe as a recognized form of stablecoin collateral. Ethena's fee conversion proposal was also approved, and these fee conversions ensure that sENA holders are the main beneficiaries of the success of the protocol.

All of these developments have exceeded my bullish expectations for ENA when I wrote the paper 2 months ago, and I have readjusted the target price of ENA to a higher level.