Ethena is a synthetic USD protocol built on Ethereum, providing crypto-native solutions and globally accessible savings tools denominated in USD

Ethena launched a new U.S. dollar stablecoin USDe with an annual interest rate of over 27% in February 2024, which attracted much market attention. The stablecoin is realized through Delta hedging against Ethereum collateral.

USDe supply has surged to over $1 billion, becoming one of the fastest USD-denominated assets to reach this milestone in crypto history, underscoring Ethena’s position as an emerging leader in the DeFi space. Ethena has partnered with derivatives trading platform MirrorX to expand its market reach and accessibility. By integrating with the Binance exchange, institutional clients can have unrestricted access to MirrorX’s products, facilitating seamless settlement of derivatives positions. Ethena has successfully raised US$20.5 million in two rounds of funding in the past year, attracting the attention of major players in the DeFi field, with a valuation reaching US$300 million, including Galaxy Digital, OKX, Dragonfly, Binance Labs and Bybit wait.

ENA token economics are as follows:

15 billion ENA tokens

Token Allocation: Core Contributors: 30% (1-year lockup)

Investors: 30% (1-year lockup)

Ecological economic development: 25%

Ethena Foundation: 15%

This means that core contributors and investors each hold 30% of the total supply

And these tokens will be locked for one year

25% of tokens are used for ecological economic development

May be used to incentivize ecosystem participants

The Ethena Foundation holds 15% of tokens

May be used to support project development, community building, etc.

Based on the annualized yield of mining (123%) and a 3-day period, the calculated price of ENA token is $0.45

Considering the minimum yield on AI is 0.18%, the guaranteed price is $0.18

At a price of $0.45, based on a total token supply of 15 billion, the full currency inflated valuation (FDV) will reach $6.75 billion.

Market transactions indicate that the price of ENA is approximately US$0.65, and the corresponding FDV may be as high as US$9.75 billion.

A rapid increase in the price of BNB may affect the income from new mining, possibly leading to lower income

The trend for other similar projects, like ETHFI, is volatile after an initial drop but eventually rises

Despite the volatility, the OTC community is generally optimistic about ENA's medium-term trend, with some experts estimating that the price could be as high as $2#大盘走势 #EHTFI #新币挖矿