1. Ethena is a big story: Big story + short-term difficulty to falsify + major exchanges stand + Uncle Hei’s shouting + internal multi-flywheel design, it has the conditions to be the super theme of this bull market.
Under this big story, Ethena has made a short-term feasible and short-term difficult to falsify solution: hedging spot through short contracts to achieve delta neutrality. There are censorship-resistant stablecoins. This kind of profitable business. TVL, point yield, and coin price are flywheels. Asset pledge and collateral spot price are also flywheels. USDe demand and APY income are also flywheels. In the long run, this ceDefi model has many breakdown points and cannot be established for a long time. But it doesn’t matter, it does not hinder its current trend.
2. RAM That is, memory, is the core system resource of the EOS chain. It has depin and RWA attributes, and asset tokenization. It has DA data availability attributes and provides computing power for the BTCL2 project exSat. With meme attributes, RAM’s community-driven factor is very important.
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