🚨 Standard Chartered sets a $2 target for ENA, current price only $0.245
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📊 According to a report by The Defiant, Standard Chartered first initiated coverage of Ethena and set a target price of $2 by the end of 2028; meanwhile, ENA is hovering around $0.245 on the daily chart. This is a classic long-term bullish thesis, and there’s no shortage of controversy in the market over the gap: one side is institutions’ target price, the other is the current price on the ground.
🔥 The core of Standard Chartered’s bullish view is Ethena’s model: USDe uses crypto assets as collateral, while simultaneously opening short futures to hedge directional risk. It makes money from collateral yields and perpetual funding fees—essentially turning the dollar business into an on-chain version.
📌 But there’s a key issue lurking here: protocol revenue doesn’t automatically mean profits for the ENA token. Protocol income must first be allocated to reserves, operations, user rewards, and token emissions, and only then is it allocated to token holders. The buyback mechanism also has to wait until the circulating supply targets are met before it kicks in—this step is not something that’s visible in the near term.
💡 What’s truly worth关注（关注）的 isn’t the $2 figure itself, but whether ENA has a “protocol revenue to token value” channel. If the channel doesn’t exist, then even the highest target price is just a fairy tale. This layer of transmission determines whether the $2 is supported by logic or merely a story.
⚠️ A bucket of cold water: the original text of this research report hasn’t been published, and $2 is only a secondary retelling. Ethena still has to face multiple risks—collateral, funding fees, counterparty risk, and more—so don’t treat the target price as a promise.
👀 Do you think ENA is a positive catalyst or a negative one? Chime in in the comments 👇
Click the avatar to watch the live stream + join the Jiujiu chat group to get daily strategies 🚀
#ENA #Ethena #stablecoin
Group: 点击进入玖玖的粉丝群
📊 According to a report by The Defiant, Standard Chartered first initiated coverage of Ethena and set a target price of $2 by the end of 2028; meanwhile, ENA is hovering around $0.245 on the daily chart. This is a classic long-term bullish thesis, and there’s no shortage of controversy in the market over the gap: one side is institutions’ target price, the other is the current price on the ground.
🔥 The core of Standard Chartered’s bullish view is Ethena’s model: USDe uses crypto assets as collateral, while simultaneously opening short futures to hedge directional risk. It makes money from collateral yields and perpetual funding fees—essentially turning the dollar business into an on-chain version.
📌 But there’s a key issue lurking here: protocol revenue doesn’t automatically mean profits for the ENA token. Protocol income must first be allocated to reserves, operations, user rewards, and token emissions, and only then is it allocated to token holders. The buyback mechanism also has to wait until the circulating supply targets are met before it kicks in—this step is not something that’s visible in the near term.
💡 What’s truly worth关注（关注）的 isn’t the $2 figure itself, but whether ENA has a “protocol revenue to token value” channel. If the channel doesn’t exist, then even the highest target price is just a fairy tale. This layer of transmission determines whether the $2 is supported by logic or merely a story.
⚠️ A bucket of cold water: the original text of this research report hasn’t been published, and $2 is only a secondary retelling. Ethena still has to face multiple risks—collateral, funding fees, counterparty risk, and more—so don’t treat the target price as a promise.
👀 Do you think ENA is a positive catalyst or a negative one? Chime in in the comments 👇
Click the avatar to watch the live stream + join the Jiujiu chat group to get daily strategies 🚀
#ENA #Ethena #stablecoin
