$ENA Does it have long-term spot holding value? Can synthetic dollars have a future, and will there be an opportunity for a value re-rating?
ena is the governance token of the Ethena protocol. Ethena does not rely on traditional banks. Instead, it issues stablecoin USDe by using spot collateral such as
$ETH and
$BTC plus perpetual contract short hedges. It distributes dividends to users by earning funding fees. The sUSDe annualized yield is about 11.2%, creating a crypto-native high-interest dollar asset—an outcome that has already been tested by the market.
I’m bullish on holding ena as a spot position long term. Meanwhile, institutions and giant whales that bought ena early were deeply trapped above the $0.5–$1 range. But now ena has fallen more than 94% from $1.52, and its current market cap is only a bit over $700 million. So I think it’s time to build the position in batches. Around the $0.085 level, you can start building a base position.
And the fee switch is about to go live. After that, the platform’s profits will be used to buy back tokens to support the token price, and to distribute dividends to long-term holders who stake/hold the tokens. As a result, ena will become a stable asset with sustainable returns, and its valuation should naturally undergo a re-rating. If it returns to the $1.52 level, you could see a 1700% return.
I don’t care about ena at $1.5. I’ll build my position in batches at $0.08.
Trading details:
First batch: 0.085 (base position 30%)
Second batch: 0.07–0.075 (add 30%)
Third batch: 0.05–0.06 (add 40%) Although the probability of getting this price is relatively low, you should still keep part of your allocation to prepare for the worst-case scenario. As for the target, I will discuss and share it next in the chat together with spot ena holders.
#feeswitch