Will the stablecoin narrative track begin to explode with Ethena?
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Will the stablecoin narrative track start to explode on Ethena? I deposited 60,000 u when Ethena opened deposits in February. Unfortunately, I didn't buy pt 😢 300 u will be drawn and divided equally among 3 people. Please leave your most optimistic stablecoin track bag in the comment area
In the last round of bull market, the stablecoin narrative occupied an important ecological niche in the Crypto market. Whether it is $DAI $FRAX or $UST and other algorithmic stablecoins have had relatively strong growth at different times. In contrast, in this cycle, except for the brief outbreak of $LQTY and LSDFi, decentralized stablecoins have not seen a sustained outbreak period. Ethena @ethena_labs is listed on Binance Launchpool, which is likely to become a catalyst for the decentralized stablecoin narrative.
Ethena's stablecoin model is a Delta neutral strategy. Users can use stETH as collateral to mint $USDe. Ethena achieves Delta neutrality by opening ETH short positions. Users can get two kinds of income:
1. ETH staking income;
2. Short position fee income.
At present, the yield of $USDe has reached 35.4%. Because the staking yield and short position fee yield are not fixed, the yield of $USDe is also floating.
At present, the market value of $USDe is 1.54 billion, accounting for about 10% of the total market value of stablecoins. Personally, I think the market value and market share of $USDe still have a lot of room for growth - it has a higher rate of return than $UST, but a lower risk than $UST.
In addition to $USDe, the overall market value of stablecoins also has a lot of room for growth. AllianceBernstein, an asset management giant with $725 billion in assets under management, has predicted that the market value of stablecoins will reach $3 trillion in 2028. The total share of stablecoins currently in circulation is only $150 billion. This means that the potential growth space for the market value of stablecoins may be as high as 2000%.
The total circulation of Ethena governance token $ENA is 15 billion, with an initial circulation of 1.425 billion, accounting for 9.5%. $ENA will be used for protocol governance. The top 2,000 wallets and Pendle YT holders can only get 50% of $ENA, and the remaining $ENA will be released linearly over 6 months.
$ENA Token distribution ratio is:
Investors 25%; Team 30%; Ethena Foundation 15%; Ecosystem 28%; Binance Launchpool 2%.
According to the over-the-counter prices of the OTC platform Whales Market, its initial market value is between 1 billion and 1.5 billion.
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Both native dogs and valuable coins are fine
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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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