Why did ENA rise against the trend?
The founder of the ENA project is very good at choosing tracks, and stablecoins are a super track. In the currency circle, stablecoins and public chains are all super projects. If they are done, the benefits are unlimited and the ceiling is high enough. This kind of super project is actually like making cars and opening banks in real life, and the difficulty is very high.
You see that USDT makes billions every year, and part of the money is used to buy big cakes. Others use US dollars to exchange for their USDT, and they buy US dollars into treasury bonds or deposit them in banks. With the income from the interest rate increase, they live a very comfortable life.
You dislike 5% because you have little money. They have achieved the first stablecoin, and the income is better than most companies, and there may be few people working in the company. This is the ultimate efficiency of the blockchain world.
Stablecoin projects are very popular and have great prospects, such as USDT, USDC, FDUSD, TUSD, DAI, BUSD, and USDT.
2Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for currencies that do not rely on the infrastructure of the traditional banking system, while providing a globally accessible dollar-denominated savings tool - the "Internet Bond".
As the Ethena protocol, a decentralized finance (DeFi) platform with a market value of $1.3 billion, prepares to launch its ENA governance token next week, we are witnessing a major milestone in the token economics of the cryptocurrency space. By distributing ENA tokens to holders of "synthetic dollars" USDe, Ethena not only gives back to the community, but also opens up a token-based decentralized governance system.
Ethena aims to solve the biggest and most obvious urgent need in cryptocurrency. DeFi attempts to create a parallel financial system, but stablecoins are the most important financial instrument and are still completely subject to and dependent on traditional banking infrastructure. Ethena aims to provide a scalable form of crypto-native currency to achieve a truly decentralized financial system.
3. While many altcoins are on a downward trend, ENA is able to rise against the trend. Here is my opinion
Many altcoins are on a downward trend in the recent market, but Ethena's ENA has successfully bucked the trend and rose by nearly 10% at the beginning of this week.What makes ENA perform so well? Is its upward trend sustainable?
The ENA/BTC trading pair established its local bottom last week, and Ethena’s head of growth tweeted that important information will be released in the coming days.
After community members announced the news first, the ENA/BTC trading pair saw a good increase on Monday. Wu Menkanjin then Ethena Labs official Twitter released the news on Tuesday that USDe will be integrated into the Bybit exchange. Bybit is The fourth largest exchange in terms of futures trading volume in April. In the afternoon, ENA surged to $1, its highest level since May.
The partnership will support spot USDe trading pairs and allow Bybit users to use USDe as perpetual trading collateral, allowing them to gain greater capital efficiency by offsetting a large portion of funding payments. Additionally, users will be able to increase their earnings by providing USDe to Bybit earning products.
The follow-up market trend is actually not complicated. If you are confused and want to consult, you can find me by nodding your head to see the introduction.
