Many people are discussing whether ENA is expected to hit the high point of 10u or 100u. However, simply predicting the market trend is often futile because the market is always full of variables.
When evaluating the value of ENA, we should not only apply the conventional project evaluation framework. Instead of considering ENA as an ordinary project among many, we should explore its unique characteristics in the field of cryptocurrency.
In the field of cryptocurrency, which is full of countless projects, 99% of them may be short-lived. Therefore, our task is to explore the unique advantages of ENA, because these are the key factors that determine its true value.
Is the stablecoin business profitable?
The USDT issued by Tether does not need much publicity, does not rely on internet celebrities, and does not care about the community, but it has earned 6.2 billion US dollars a year... In the long run, in the cryptocurrency circle, the most profitable business is exchanges, followed by stablecoins, not public chains.
Currently, the leader in the exchange business is Binance, which is building an increasingly large network effect: it continuously launches new projects and provides users with various benefits. This positive network effect is particularly evident during the bull market, and other exchanges find it difficult to match it.
But even Binance lacks an important part of the stablecoin business. Although Binance’s BUSI was once huge in the past, it was later forced to cease operations due to pressure from the United States.
However, Binance has been paying close attention to this business, because the stablecoin business is similar to the exchange business, with huge and stable profits. Therefore, the scale effect of stablecoins cannot be ignored, and the larger the scale, the greater the benefit.
Therefore, Binance has been looking for new stablecoin projects. Although the algorithmic stablecoins currently on the market face huge challenges, new innovations are still necessary. Therefore, the emergence of USDE seems to be destined for a revolution, with its high returns driving rapid expansion, and its decentralized nature making it more widely adopted.
Therefore, the success of USDE will promote the development of DeFi infrastructure and become a dark horse in the stablecoin business.
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