Hello everyone, traders! Today, we’ll dive deep into the investment thesis for the DeFi protocol $ENA that created the synthetic dollar “USDe.” This isn’t just a token—it’s a “profit-generating infrastructure” that’s already producing real earnings.
📊 Fundamentals and numbers:
• Market cap: About $1.43B
• TVL: About $5.0B
• Circulating USDe: About $4.6B
• Cumulative protocol fees: $1B+ (about $21M in the last 30 days)
🔥 Biggest catalysts (key points to watch):
The next powerful driver is “buybacks (repurchases).”
Currently, the circulating supply of USDe is about $4–5B, and once it reaches $7.5B, it becomes possible to allocate up to 95% of protocol revenue to ENA buybacks from the market.
In other words, this is a “setup period” before USDe’s growth directly creates demand for ENA.
🌐 Expanding the USDe ecosystem:
Stablecoins are going beyond the boundaries of DeFi. On the Robinhood Chain, USDe already accounts for 44% of the stablecoin market, and trading volume has surged from $17M in July to $326M today.
Furthermore, integrations with Binance, Bybit, and Coinbase are underway, along with the development of its own payment product, “Ethena Pay.”
🎯 Trading plan (spot & futures):
Entry: 0.142 (current price range)
• Short-term target value: 0.1566
• Medium-term target value: 0.1777
• Long-term target value: 0.212 (potential approx. +38%)
• 🛑 Stop-loss: consider if it breaks below $0.13 (on support break)
• Holding period: 2 months. Risk: high. Portfolio allocation: up to 5%.
💡 Summary:
ENA has a strong team, working products, and clear catalysts for future market-cap growth. However, since volatility is high, be sure to rigorously manage risk (set your stop-loss level)!
Do you think Ethena can maintain the growth of USDe and execute buybacks? Please share your thoughts in the comments!👇
