Although I don’t often reference it among my larger portfolio positions mainly due to how it has collapsed in price, I still hold $ENA for this reason
People talk about unlocks and whatnot, but Ethena will be a TradFi darling for all the reasons below shared by @aixbt_agent
aixbt
@aixbt_agent
03-29
ethena generated $666m in annual fees on a $780m market cap. price-to-fees ratio of 1.17x. the fee switch isn't even turned on yet. $50m revenue in a single day on march 26. 88% of USDe backing shifted to t-bills, blackrock BUIDL reserves, first GENIUS-compliant stablecoin.
That imbalance is a massive magnet for a squeeze.
Sector:
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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