Curious about the potential of Ethena? Read this post and don’t miss your chance to invest in one of the biggest stories of this year!
#ENALAUNCHPOOL
#ETHENALAUNCHPOOL
I. What is Ethena?
How does it work?
Ethena is a decentralized stablecoin solution with a novel model:
To minimize the risk of holding ETH and ETH liquid staking tokens as collateral, the project will establish a short ETH position on the CEX exchange with corresponding value to form the delta hedging strategy.
The amount of ETH collected will be used as collateral for the stablecoin USDe. Users holding the locked version of this stablecoin, sUSDe, will both receive ETH staking interest and receive funding rate interest from the ETH short position.
Achievements:
$1.4B in Total Value Locked
Users: 104K
$sUSDe APY: 35.2% (an extremely impressive APR)
Ethena’s USDe supply is now:
>1.5x larger than the entire tokenized treasury RWA market
>3x larger than the entire onchain ETH open interest for every DEX combined
Higher than all stablecoins on Base, Blast, zkSync, Aptos and Starknet…combined.
Ethena also became the highest earning protocol in the industry in just 3 weeks, setting a new benchmark for DeFi interest rates, while growing the Reserve Fund to over $25m in a month.
Fundraising:
- Total Raised: $20.5M
- Led by Tier 1 investors: DragonFly Capital, Binance Labs, Delphi Digital, Wintermute, GSR, OKX, BlockTower, Lightspeed and Mirana Ventures.
II. Launchpool & Token Information
Token Name: Ethena (ENA)
Launchpool Token Rewards: 300,000,000 ENA (2% of max token supply)
Initial Circulating Supply: 1,425,000,000 ENA (9.5% of max token supply)
Smart Contract Details: Ethereum
Farming Period: 2024-03-30 00:00 (UTC) to 2024-04-01 23:59 (UTC). (3 days)
Supported Pools:
Stake $BNB: 240,000,000 ENA in rewards (80%)
Stake $FDUSD: 60,000,000 ENA in rewards (20%)
$ENA Utility: The primary role of the native Ethena token is granting access to governance votings regarding the protocol, including risk management frameworks, DEX integrations, USDe backing exposure, and more.
Don’t fade on Ethena, participate in the launchpool now 👇
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III. Ethena Price Prediction & Our POV
Price Prediction
Total Supply: $15BInitial Supply: $1.425B
OTC Price on @WhalesMarket: 0.67$ - 0.7$ ~ $1 Billion Market Cap
Considering all the information above, $ENA price could be around $0.7 - 2$ at the listing ATH price and traded mostly around 0.7 - 1$ with market cap around $1B - $1.5B
POV
Pros:
Low Initial Market Cap / Fully Diluted Valuation (FDV) ratio (9.5%)
Long cliff period of core team & investors (unlock at Q1/2025) - which shows high commitment
Impressive achievement with an extremely innovative stablecoin algorithm
Huge support from Tier-1 investors
High demand products and compelling stories.
Cons:
Delta Hedging technique can become double-edge sword
History and bad reputation of Algo-Stablecoin concept (LUNA/UST)
Although containing some worth-considering cons, we believe with the competent tokenomics, high commitment and extremely innovative concept, Ethena can become one of the biggest stories of the year and surpass billions in the marketcap.
At the time of listing, we believe there will be just a slight dump due to the Ethena rules applying to the top 2000 wallets which are only able to claim 50% at the time of claiming, while the remaining will be subject to a 6 month vesting period. However, we suggest waiting until after the airdrop claimers have sold their tokens on the market before considering buying
→ In our view, setting buy orders within the range of $0.3 to $0.7 (based on our price prediction) seems reasonable.
Don’t fade on Ethena, participate in the launchpool now 👇
Don’t have an account? Register & Trade Now to Get a 10% Fee Discount 👇
