Let’s simply calculate the expected benefits of using #Launchpool #新币挖矿 #Ethena to participate this time.
fdusd current circulation: 2.55 billion (03-30 1 o'clock)
$FDUSD Pool daily output: 20,000,000 $ENA
Number of tokens deposited into fdusd pool: Estimated 1.8 billion.
Deposit 1000 fdusd and get daily: (1000 / 1,800,000,000) * 20000000 = 11.11 ena
Let’s briefly talk about the project: Ethena is a US dollar synthesis protocol that synthesizes $USDe of the same value by pledging eth. Although it is not over-collateralized, there will be some hedging strategies (it is said to hold corresponding permanent short positions in cex and dex) . Please refer to the project white paper (and the reference link at the end) for details. You may have misunderstandings. Please correct me if you are wrong.
Token usage: (I didn’t see it in the white paper, refer to the Binance research report).
The current TVL is about $1.5 billion. I am not very optimistic about the prospects. The collateral is at risk of being blown to zero at a fixed point (so the value may be underestimated by me), but the initial circulation rate is relatively low.
Finally, assuming that the circulating market value after listing is approximately $200 million, the currency price is expected to be approximately $0.14, and the total circulating market value is approximately $2.1 billion.
(Please note: This mining lasts for 3 days! From 03-30 08:00 to 04-02 07:59 Beijing time in 2024)
The expected daily return per 1000 fdusd is: 11.11 * 0.14 = 1.555 $
The expected annualized rate of return is: (1.555 / 1000) * 365 = 56.75%
The expected return on capital of launchpool in this period is: (1.555 * 3) / 1000 = 0.465 %
The data is for reference only, please refer to the actual data!
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Calculate the interest costs incurred during the pledge process by yourself, as well as the cost impairment caused by exchange rate fluctuations that may occur after or even before the end of the activity.
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Total amount: 15,000,000,000 ENA (15 billion).
Initial circulation: 9.5%, 1,425,000,000 (1.4 billion). Binance launchpool accounts for 2%, 300,000,000 (300 million).
Reference data sources for this article
https://ethena-labs.gitbook.io/ethena-labs/solution-overview/usde-overview
