⛏️ Introducing Ethena (ENA) on Binance Launchpool
Ethena is a groundbreaking protocol on Ethereum designed to offer a crypto-centric alternative to traditional banking systems. It aims to provide a universally accessible savings instrument denominated in dollars, known as the 'Internet Bond', thereby enabling financial independence within the crypto sphere.
💰 Native Token - $ENA
📊 Token Metrics
- Token type: ERC-20
- Total Supply: 15,000,000,000
- Initial circulating supply: 1,425,000,000
- Binance Launchpool Allocation: 300,000,000
🔎 Protocol Introduction
Ethena is an open hedge fund offering a 1.3 billion USDe, utilizing liquidity-backed ETH as collateral to short an equal amount of ETH, thus establishing a portfolio with a delta of 0. Ensuring that the net value of assets held by Ethena remains stable despite fluctuations in the underlying asset values. Simultaneously, it generates revenue from financing against the ETH collateral and the short position.
Since pledged ETH can be perfectly hedged with an equal nominal value of short positions, USDe can be minted with a 1:1 collateral ratio, ensuring that Ethena achieves capital efficiency comparable to stablecoins backed by USD assets (such as USDC and USDT). Furthermore, it avoids reliance on assets sourced from traditional financial markets.
👀 Advantages & Risks
Advantages
1. Scalability
2. Stability
3. Resistance to censorship
Risks
1. Decoupling Risk from Collateral
2. Financing Rate Risk
3. Counterparty Risk
4. Integrity Risk
🔭Price Prediction
Based on previous Binance Launchpool, where the average annualized return was 120%. Calculating for a 3-day mining period, the price of ENA token would be 0.42 USDT. The minimum guaranteed price would be nearly 0.18 USDT.
With a total token supply of 15 billion tokens, when the price reaches 0.45 USDT, the Fully Diluted Valuation (FDV) would be 6.75 billion USD. However, the current pre-market trading on Aevo with a higher price of around 0.65 USDT.
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