The fundamentals of $ENA have started to change. The last time they shouted ENA on the plaza was on July 5. Back then, the price was around 0.08. Now it’s around 0.15—up by roughly 80%.
What’s worth paying attention to with Ethena now isn’t just the growth of the USDe size, but the fact that ENA has started to develop a more direct value-capture path. The current USDe supply is about $4 billion. If it grows to $7.5 billion next, the governance mechanism could kick in and trigger ENA buybacks. As the scale continues to expand, the buyback ratio could further increase.
Ethena is expanding from the crypto market into new scenarios like stock perpetual futures—effectively adding a second growth curve for USDe. After the seed-round unlocks and selling pressure ease, if USDe returns to a phase of rapid growth, ENA’s fundamental support will also become much stronger.
Of course, ENA has already risen quite a lot over the past month, and expectations have already priced in part of it.
What really matters next is the large unlocks on September 2 and September 5 for ENA. If the unlocks can drag the price down, it will also allow for a second round of building positions. As I mentioned earlier: if a bull market comes, ENA will absolutely not be absent from the rally—this view remains unchanged.
What’s worth paying attention to with Ethena now isn’t just the growth of the USDe size, but the fact that ENA has started to develop a more direct value-capture path. The current USDe supply is about $4 billion. If it grows to $7.5 billion next, the governance mechanism could kick in and trigger ENA buybacks. As the scale continues to expand, the buyback ratio could further increase.
Ethena is expanding from the crypto market into new scenarios like stock perpetual futures—effectively adding a second growth curve for USDe. After the seed-round unlocks and selling pressure ease, if USDe returns to a phase of rapid growth, ENA’s fundamental support will also become much stronger.
Of course, ENA has already risen quite a lot over the past month, and expectations have already priced in part of it.
What really matters next is the large unlocks on September 2 and September 5 for ENA. If the unlocks can drag the price down, it will also allow for a second round of building positions. As I mentioned earlier: if a bull market comes, ENA will absolutely not be absent from the rally—this view remains unchanged.
