Today we are going to talk about Binance’s 50th mining phase. The last mining ethfi was probably very powerful. This phase’s Ethena is a stablecoin protocol. I have looked at them all. There are no special features. It is just a very ordinary one. The stablecoin project has no technical innovations and is relatively old-fashioned. So just collect it after it is built. If you can dig a little bit, then we still have to talk about the currency price and the real situation of the project in this period. This period of mining lasted for 3 days, with a total supply of 300,000,000 ENA (2% of the maximum supply of tokens), initial circulation: 1,425,000,000 ENA (9.5% of the maximum supply of tokens), and a total supply of 15,000,000,000 ENA. BNB pool: 240,000,000, FDUSD mining pool: 60,000,000 ENA.
Overview
Ethena is a synthetic U.S. dollar protocol built on Ethereum that will provide a crypto-native solution for currencies that do not rely on traditional banking system infrastructure, while providing a globally accessible U.S. dollar-denominated savings instrument - "Internet Bonds".
Ethena’s synthetic U.S. dollar USDe will provide the first censorship-free, scalable and stable crypto-native currency solution through hedging transactions against collateralized Ethereum. USDe will be supported fully transparently on-chain and can be freely combined in DeFi.
Project Features
USDe is implemented through Ethena Labs and by hedging the token’s spot assets during the issuance period, USDe has the following advantages:
i) Scalability is achieved by leveraging derivatives to achieve capital efficiency expansion. Since collateralized ETH can be fully hedged by a short position of equal value, synthetic USD only requires a 1:1 “collateralization”.
ii) Stability is provided by hedging the transferred assets immediately upon issuance, which ensures that USDe is backed by a corresponding synthetic USD value in all market conditions.
iii) Censorship resistance is achieved by decoupling the backing assets from the banking system and storing untrusted backing assets in an on-chain, transparent, 24/7 auditable, programmatic custody account solution.
By focusing on collateralized Ethereum—the only asset capable of delivering censorship-free and trustless native yields at scale—the Ethena protocol solves all of the above issues while providing users with fully managed and underpinned stability, This stability is built into the protocol system. Best of all, doing so does not rely on the existing banking system.
Leverage the recently developed “off-exchange” MPC secure custody account to access centralized liquidity while retaining transparency and on-chain custody.
(These are all nonsense, personal opinion!)
Mint & redeem USDe.
The minting and redemption of stablecoins is the same as the common method such as DAI, there is no difference!
It is to pledge the Ethereum in your wallet, or assets such as steth to mint and redeem USDe. The protocol is also EIP712. There is nothing much to say here.
anchoring stabilization mechanism
This stabilization mechanism is also a very common arbitrage mechanism. You can refer to the related articles on stable coins we talked about before.
That is, when the price of USDe is higher than 1 US dollar, users can mortgage USDe and sell it at a high price for arbitrage. On the contrary, if it is lower than 1 US dollar, you can redeem USDe into ETH assets worth 1 US dollar.
audit
Audit method
Ethena has conducted a multi-stage audit program to ensure the highest level of security for the protocol.
Phase 1: An initial audit was conducted with Zellic on the v1 version of the protocol and no critical or high-level vulnerabilities were found.
Phase 2: Architecture design review and economic risk factor analysis with Kurt Barry of Spearbit (former MakerDAO lead engineer).
Phase 3: Phased audits with industry-leading companies:
Quantstamp
Spearbit & Cantina
Phase 4: Independent audit with Pashov, who has personal experience of over 50 audits.
Phase 5: Public audit with Code4rena.
Phase Six: Economic and Financial Risk Audit conducted by Chaos Labs.
Phase 7: Upcoming public bug bounty program with Immunefi.
data
The current data seen on the official website is that the TVL is US$1.4 billion, the staking income is 30%, and there are 100,000 users. Judging from the current TVL of this size, it is still relatively low, but the 35% income is definitely attractive.
Then the fan data on Twitter is 100,000, and on Discrod is 20,000, so this data is relatively average.
Then we analyze the price of the currency. Currently, the total mining amount of Binance is 300,000,000. According to the previous mining project income calculation, I assume a 1.5% yield, and the total BNB deposit amount is calculated as 16 million. The currency price is about 0.2-0.4 US dollars, and the overall FDV is 3-6 billion US dollars.
So what is its reasonable valuation? In fact, for comparison, we can look at maker. Although maker currently has a RWA segment, it can be used as a frame of reference. The current TVL of maker is 8.8 billion, while the FDV of maker is 3.5 billion.
Therefore, Ethena’s current TVL is only 1.4 billion. If you compare it with Maker, your FDV should be at most 700-800 million US dollars to be reasonable, so the corresponding exchange rate is about 0.05 US dollars.
Finally, let’s summarize this project. Overall, this project is relatively average without any big highlights. Moreover, the token issued by the project side has no significance in the ecology except for the function of dao. usde can be completely used outside the examination room. The balanced price is a bit suspicious of issuing coins for the sake of issuing coins. The current data is relatively average, so it is not recommended to accept it in the secondary market. Moreover, I have not seen the distribution of tokens on the current official website. #新币挖矿 #热点内容 #BNB
