As usual, Brother Lion will comment before issuing coins in Binance Pool. The target of this issue is @ethena_labs’ $ENA.
Fans who are familiar with Big Lion Brother should be familiar with this project. From the first day it appeared, I started pressing CX. By March 13th, I have told everyone very straightforwardly that you can get on BN. The original words are as follows:
"I rarely say in advance that a certain project will be listed on Binance, but based on the rapid progress of etena in the stablecoin track and the investment support of labs, the chance is already very high."
When it was announced that it would be listed on Binance, all the friends in the Big Lion community got on board, which was regarded as a successful sniper attack.
Why am I so confident? Because before the birth of Ethena, I tried to understand the current stablecoin track because of $BUSD and $FDUSD and read the theoretical basis of Ethena. After reading Xiaohei Haiye's article: "Dust on Crust", I also quite agree that a native Crypto Native, decentralized, equal-collateralized derivative-hedging stablecoin would be a very interesting social experiment.
So when @ethena_labs based on Xiaohei's idea came out, I immediately bought into their mechanism and became a fan without any additional digestion. This mechanism is very simple to talk about. It is based on Ethereum’s relatively robust decentralization and stETH, creating USDe (stable currency USD) in the form of 1x hedging, and at the same time enjoying the staking income of Ethereum.
Assume that the current price of ETH is 1 US dollar. When 1USDe is created, 1 ETH is entrusted to derivatives trading as a margin to short 1 ETH. When the price of ETH drops from 1 US dollar to 0.1 US dollars, the short contract value is 10 ETH*0.1 US dollars. It is still 1 USD. If the price of ETH rises from 1 USD to 100 USD, its short contract value of 0.01ETH*100 USD is still 1 USD. The balance of the seesaw is achieved through contract hedging, and ultimately a native decentralization is created. into synthetic U.S. dollars with equal mortgages.
This season, the stablecoin track does not have the dazzling variety of algorithmic stablecoins before, but the demand is still strong. The veteran $DAI has been born for N years. After $USDC, neither $TUSD nor $FRAX is far from even close to the top three. influence and size. $USDe is such a decentralized, quite creative, and has the opportunity to compete for the top 3 targets on the track. I don’t believe that Binance will miss it. Facts also prove that Labs noticed and invested immediately.
My only concern in the future is that the project party does not have any safety accidents or that the operational efficiency is not too slow.
One month after the project started mining, after seeing the chemical reaction of Ethena's cooperation with @pendle_fi and the cooperation of various protocols for quick access, my last concerns were dispelled. The only suspense left was when Binance will list the currency. , and how can I get the chips most efficiently (click your head again and the community will get on board).
At that time, I expected to surpass Brother Sun’s $TUSD with a shiver, but now it seems that the speed is much faster than I imagined. Today we see that $USDe has three times the circulation of $TUSD and is firmly in the fifth place, and is only one step away from the fourth place $FDUSD. In the medium to long term, I am still optimistic about the development of this project. It may only take a year to exceed the size of $DAI.
Let’s talk about currency prices
The expectation that the token $ENA will be launched is what everyone is most concerned about.
A total of 15 billion tokens, 9.5% of the initial circulation, that is 1,425,000,000. Among them, 2% is given to Binance Pool, and a large part of 7.5% is given to previous users who participated in mining points.
If the goal of fully circulating FDV exceeds $DAI’s MC (4.8 billion), then each coin should be around 0.4. If the goal is more ambitious and exceeds $USDC (31 billion), it will reach $2 (this estimate It will take some time).
The current off-site price is roughly around 0.4-0.6. Taking into account the enthusiasm of the market and the scarcity of competitors at the same level on the track, I will give a premium. If there is a chance to open above 0.8, there is no chance of a $1 charge ( Especially if the airdrop fails to arrive in time).
It is recommended that everyone fully participate in the mining of this pool. At least this project is one of the targets that I am willing to access and hold for the long term at the right price.
#ENA #新币挖矿 #binancepool #ETHENA
