With former U.S. President Trump winning the new election, based on his pro-cryptocurrency statements and stance before the election, the cryptocurrency market has seen a significant surge and has reached new highs. This indicates that politics deeply influences the development of the cryptocurrency market during this bull market cycle, leading to the emergence of a new category of 'political concept coins.'
Coincidentally, there are two recent news items regarding Ethena (ENA): the WLFI team announced a partnership with Ethena, and Grayscale included ENA in the 2025 Q1 TOP 20 token list. This article aims to discuss the development potential of Ethena (ENA) based on these two events.
1. WLFI and Ethena Cooperation Project
World Liberty Financial, as a project supported by Trump, has caused significant fluctuations in related cryptocurrencies every time it announces a partnership since its establishment in September. I would say that cryptocurrency users have projected WLFI's partnership announcements as a basis for evaluating political concept coins.
Regarding this cooperation project with Ethena, the main goal is to introduce sUSDe into WLFI's Aave collateral assets.
In simple terms, for Aave and WLFI, they can gain liquidity from Ethena USDe users; for Ethena, it means expanding the usage scenarios of USDe.
In this regard, Ethena has already promised to provide support for WLFI's USDe to obtain third quarter ENA airdrop points.
Regardless of whether the final proposal is passed, based on the statements from Ethena and WLFI, it seems that cooperation has become inevitable.
In addition, WLFI has already invested in Ethena's ENA token, indicating that it indeed wants to highlight its support for the Ethena project.
Author:
Regarding this cooperation project, I believe WLFI has indeed created an image of Ethena as a political concept coin. Compared to project tokens without partnerships, Ethena is adorned with a layer of 'potential regulatory benefits.'
However, for general investors, I believe that besides paying attention to the progress of cooperation projects and the strength of political concept coins, it is more important to note how WLFI manages the funds invested in Ethena, such as whether to continue buying, maintain purchases, or sell?
Future operations may potentially impact the trend of Ethena (ENA).
2. Grayscale 2025 Q1 TOP 20 includes ENA
As a pioneering provider of compliant cryptocurrency products, Grayscale's attitude towards Crypto always gives a sense of being conventional, and thus the tokens it favors are often seen as having strong regulatory compliance characteristics.
Grayscale has updated its TOP 20 list this time, adding six new tokens: HYPE, ENA, VIRTUAL, JUP, JTO, and GRASS, while removing TON, NEAR, STACKS, MAKER, UMA, and CELO.
This list will affect the cryptocurrency index created by Grayscale. The announcement mentions three key factors that are the focus of the list's formation: the impact of elections and regulation on the industry, decentralized artificial intelligence, and the development of the Solana ecosystem.
Author:
Ethena's inclusion in this list, in my opinion, greatly strengthens Ethena's image as a political concept coin, making it a token recognized by compliant companies based on political and regulatory factors.
In addition, there has recently been a growing trend to pursue 'politically correct' cryptocurrencies, such as the list of cryptocurrencies recognized by American institutions like Grayscale and CB. Being included in their qualified list is definitely a potential benefit.
Summary
In summary, I believe Ethena is indeed gradually shaping a politically correct image. Of course, this is all based on potential factors influencing psychological acceptance; decentralized finance itself stands in opposition to traditional finance, and whether Ethena, based on DeFi, can obtain formal regulatory recognition is still uncertain.
However, it is undeniable that in the competition among stablecoins, Ethena's USDe indeed has strong growth potential and is gradually shaking the positions of USDT and USDC. In this context, as long as Ethena can transform it into favorable factors for ENA through appropriate measures, I believe ENA still has significant growth potential.
Additionally, Ethena has been actively improving the overall health and development capability of the protocol, making people increasingly optimistic about Ethena's development space. I look forward to seeing the Ethena project team successfully transform various factors into conditions for the rise of ENA!
It's rare to explore Ethena (ENA) through information and collaboration aspects; everyone is welcome to discuss their views!
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※ Partners who wish to participate in Ethena's third quarter airdrop to earn ENA can use my code:
eu54u
※ The above content does not constitute investment advice. Users should operate according to their own risk tolerance and participate cautiously in the investment market, DYOR.
※ The attached image is from a tweet by the Ethena community and a Grayscale research report.
