$ENA Ethena_labs is in the battle.

First DeFi, then CeFi.

Now it will dominate TradFi with iUSDe, launch a neo-bank via @telegram, and release its own L1 in Q1 2025.

With Ethena gobbling up billions of TVL, we are on the brink of greatness.

The latest product will be sold as an institutional wrapper for sUSDe to asset managers, credit funds, top brokers, and more.

Demand from crypto longs will drive the next wave of institutional adoption, with yields 2-3x higher than traditional fixed income.

As BTC price continues to rise, the maximum OI that Ethena can handle is also increasing, which means growing demand for iUSDe.

The demand for high yields has reshaped crypto in this cycle. All major DeFi protocols @fraxfinance @MakerDAO @aave @MorphoLabs have successfully integrated Ethena.

Probably the biggest integration this year will be with @telegram and the integration of sUSDe into TG’s wallet. This will allow anyone with a smartphone to start earning yield immediately. With over 2 billion users, Telegram is one of the fastest growing platforms in the world.

Last but not least… Ethena is launching its own L1 appchain in 2025, which will offer “perpetual and spot exchanges built on its own appchain, running its entire order book, and embedding sUSDe and native rewards.” @derivexyz is also planning to launch, offering options and other structured products.

What do you think? Will Ethena be a dominant force in 2025? Who else is close to it at the moment?