The ENA project claims to be decentralized and stable, but it is not. This project relies heavily on the credit granted by centralized exchanges. The underlying structure is centralized. That is why so many shares are allocated to various exchanges.
They are doing it for the support of these resources.
Many people with retail thinking have no concept of "credit" and "credit granting". They think that they don't have to take responsibility after the money is taken out. The currency circle is not a place outside the law. Of course, the responsibility is to go bankrupt. Grayscale's GBTC, the engine of the last bull market, also came through credit granting. Three Arrows almost completely created GBTC through credit granting and then mortgaged it. So when GBTC was greatly discounted, the margin call of Three Arrows went bankrupt-because at that time, GBTC and stETH had very poor liquidity and could not be sold at a discount.
ENA actually has this risk. When stETH is greatly discounted and loses liquidity, it will also go bankrupt. But this is a matter for the future. Now it is a bull market. Don't worry about the future. Make money in front of you first.
