Is #ETHENA ($ENA) worth the investment?

Basically, the Ethena protocol on Ethereum platform is almost the same with #ETHFI⁩ but they differ in terms of profitability and usability. The most basic similarity is that they both allow you to stake $ETH and earn interest.

As their slogan implies, Ethena is building a totally new concept of internet money that is not pegged to the US Dollar or the traditional banking system that is prone to censorship. So USDe is not backed up by fiat, unlike USDT. Instead it is backed up by spot assets which makes USDe scalable (by using multiple derivatives), stable (through hedging of collaterals), and censorship resistant (by not depending on the banking system and by storing backing assets outside the centralized liquidity venues).

The main advantage of USDe is it allows you to have access to a "synthetic" dollar which is different from existing stablecoins backed up by USD. You can have a virtual dollar savings account which yields high interest without having to go through the traditional banking system. That's why they call it an "internet bond", which converts ETH into a stable form of internet money. This in turn can function similarly with stablecoins as transactional money (for online payments) and as stable store of value but generates higher yields.

So where does $ENA come into place?

$ENA is simply their utility coin which will be used for voting, governance and so on, which is not in anyway related to USDe.

Currently the price of $ENA is approximately $0.70 so its listing price on Binance can go from $1 to $3 which is a very good return for your staked $BNB or $FDUSD.

Is it worth buying once listed?

I think so. If you look at the performance of ETHFI it could well follow same route. However, as I mentioned in my previous post about ETHFI that it can drop to $2+ (which it did) but can go back up because the timing was perfect when BTC was just about to recover. So it pumped up along with BTC.

If BTC will not fall back after listing of ENA, it could then pump above $3.

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