$ENA October 28: the headline and the details don’t tell the same story.
Ethena Pay announced Earn+: move dollars into an external vault with one tap, targeting up to about 12% annualized yield, or roughly 6% for everyday balances. Sounds like an upgraded savings account.
Look under the hood: funds go into Upshift / Steakhouse vaults, which deposit USDe on Aave V4 on Avalanche, borrow USDT, and loop the position. The target leverage is about 11x, with an initial allocation of roughly $4.5 million, initially available to Pro / VIP users. Returns are supported by incentives and the interest-rate spread—not a bank deposit.
That same day, $ENA spot price was still hovering around 0.196, down about 5% over 24 hours. The product buzz is in payments; spot hasn’t followed. Unless it gets back above 0.21, I’ll assume this hasn’t translated into buying demand for the token.
#ENA #Ethena
Ethena Pay announced Earn+: move dollars into an external vault with one tap, targeting up to about 12% annualized yield, or roughly 6% for everyday balances. Sounds like an upgraded savings account.
Look under the hood: funds go into Upshift / Steakhouse vaults, which deposit USDe on Aave V4 on Avalanche, borrow USDT, and loop the position. The target leverage is about 11x, with an initial allocation of roughly $4.5 million, initially available to Pro / VIP users. Returns are supported by incentives and the interest-rate spread—not a bank deposit.
That same day, $ENA spot price was still hovering around 0.196, down about 5% over 24 hours. The product buzz is in payments; spot hasn’t followed. Unless it gets back above 0.21, I’ll assume this hasn’t translated into buying demand for the token.
#ENA #Ethena
