👀 Traditional banks are starting to price $ENA . Standard Chartered initiates coverage of Ethena
Last week, Standard Chartered published its first comprehensive valuation report on a DeFi stablecoin protocol
The conclusion: USDe supply will reach $40 billion by the end of 2028, with a target price of $2 for ENA
Put it that way, and I really do dare to hold on until it hits $1!
👉 Ethena has a clear positioning: a stablecoin platform that connects DeFi and TradFi and offers yield mechanisms
1️⃣ USDe’s growth potential comes from more diversified sources of yield
Until now, most of Ethena’s core yield has come from basis trading in crypto markets
Going forward, it will also include DeFi lending, institutional lending, RWAs, and basis trading in stocks and commodities
2️⃣ Beyond USDe, can new businesses generate revenue?
The report also explores the potential of Ethena Whitelabel and Ethena Pay
Beyond the scale of USDe issuance, can white-label services and payment use cases create additional revenue streams?
3️⃣ How will protocol revenue growth flow through to ENA?
Once USDe reaches a specified supply threshold, the Fee Switch mechanism will use 95% of net revenue from related business activities to buy back ENA
Standard Chartered forecasts that USDe could reach $40 billion by the end of 2028, and sets a $2 target price for ENA
Last week, Standard Chartered published its first comprehensive valuation report on a DeFi stablecoin protocol
The conclusion: USDe supply will reach $40 billion by the end of 2028, with a target price of $2 for ENA
Put it that way, and I really do dare to hold on until it hits $1!
👉 Ethena has a clear positioning: a stablecoin platform that connects DeFi and TradFi and offers yield mechanisms
1️⃣ USDe’s growth potential comes from more diversified sources of yield
Until now, most of Ethena’s core yield has come from basis trading in crypto markets
Going forward, it will also include DeFi lending, institutional lending, RWAs, and basis trading in stocks and commodities
2️⃣ Beyond USDe, can new businesses generate revenue?
The report also explores the potential of Ethena Whitelabel and Ethena Pay
Beyond the scale of USDe issuance, can white-label services and payment use cases create additional revenue streams?
3️⃣ How will protocol revenue growth flow through to ENA?
Once USDe reaches a specified supply threshold, the Fee Switch mechanism will use 95% of net revenue from related business activities to buy back ENA
Standard Chartered forecasts that USDe could reach $40 billion by the end of 2028, and sets a $2 target price for ENA