Background of the project
Ethena is a synthetic dollars protocol built on Ethereum that will provide a crypto-native solution for currencies that do not rely on traditional banking system infrastructure, while providing a globally accessible dollar-denominated savings tool - the "Internet Bond".
As the Ethena protocol, a decentralized finance (DeFi) platform with a market cap of $1.3 billion, prepares to launch its ENA governance token next week, we are witnessing a major milestone in token economics in the cryptocurrency space. By distributing ENA tokens to holders of the “synthetic dollar” USDe, Ethena not only gives back to the community, but also kicks off a decentralized governance system based on tokens.
Ethena aims to solve the biggest and most obvious pressing need in cryptocurrency. DeFi attempts to create a parallel financial system, but stablecoins are the most important financial instrument and are still completely subject to and dependent on traditional banking infrastructure. Ethena aims to provide a scalable form of crypto-native currency to achieve a truly decentralized financial system.
Project features and highlights
The Ethena team, led by @leptokurtic_, has successfully completed three rounds of financing, attracting significant participation from central exchanges, market makers, DeFi innovators and traditional financial institutions. This broad support underscores the project’s credibility and potential impact on the ecosystem.
Under a tight deadline, the team demonstrated excellent planning and coordination capabilities to ensure that the protocol was ready for mainnet launch. They prioritize risk management and security, conducting thorough audits before publishing.
The success of the Shard airdrop campaign demonstrates the market’s interest in decentralized stablecoins. The campaign is off to an impressive start with total value locked (TVL) increasing 135x since early December 2023 to over $410 million.
This momentum shows that products like USDe are in high demand, attracting not only a large amount of TVL, but also the attention of investors who support its vision. As USDe moves forward, it aims to introduce the next billion dollars of TVL to the DeFi space, potentially opening up new opportunities similar to those seen during the Luna cycle. One begins to wonder: does this mark the beginning of another transformative phase in decentralized finance?
Project Introduction
Token name: Ethena (ENA)
Maximum supply of tokens: 15,000,000,000 ENA
Initial circulation: 1,425,000,000 ENA (9.5% of the maximum token supply)
Total mining amount: 300,000,000 ENA (2% of the maximum token supply)
Binance mining 300,000,000, accounting for 2% of the total
The initial airdrop is 750,000,000, accounting for 5% of the total
Smart Contract Details: Ethereum
There are more than 90,000 user addresses eligible for this air investment. The top 2,000 users with points and Pendle’s YT token holders will only unlock 50% initially, and the remaining 50% will be unlocked linearly within 6 months.
Financing
On February 16, 2024, Ethena Labs completed a US$14 million strategic round of financing at a valuation of US$300 million. Dragonfly, Brevan Howard Digital and BitMEX founder Arthur Hayes’ family office Maelstrom co-led the investment, PayPal Ventures, Franklin Templeton, Avon Ventures, Binance Labs, Deribit, Gemini and Kraken participated in the investment. This round of financing adopts the structure of future equity simple agreement and token warrants.
On July 17, 2023, the crypto startup Ethena completed a $6 million seed round of financing, led by Dragonfly, and supported by trading platforms such as Deribit, Bybit, OKX, Gemini and Huobi, as well as BitMEX founder Arthur Hayes and his family office.
thena (ENA) future airdrop plan
On Wednesday, Ethena (ENA) announced its airdrop plan, which will officially airdrop tokens to users on April 2. Ethena (ENA) plans to airdrop 750 million ENA tokens, accounting for 5% of the total supply. The activity of earning "fragments", which qualifies users for token airdrops, will end on April 1. Those who unstake, unlock or sell all USDe before this date will not be eligible for the airdrop.
Users will be able to claim tokens starting the next day, when ENA will be listed on centralized exchanges. After the airdrop, Ethena (ENA) will launch a campaign to provide new incentives for the next phase of airdrops.
ENA price estimate
According to the calculation of the#BNBpool of Binance Launchpool's new mines in the past, the average annualized rate of return for the first ten periods was 123%. Assuming that the annualized rate of return for this mining is also 123%, and calculated based on 3 days of mining, the price of ENA tokens is 0.45 USDT. According to the AI's minimum rate of return of 0.18%, the guaranteed price is 0.18 USDT.
Based on the total supply of 15 billion tokens, when the price reaches 0.45 USDT, the FDV is 6.75 billion US dollars. In the current pre-market trading market, Aevo offers a higher price of about 0.65 USDT for ENA, corresponding to a FDV of up to 9.75 billion US dollars.
In addition, as the price of BNB continued to rise rapidly, the yield of new mines could hardly maintain its previous high level, and ETHFI even hit the lowest yield in nearly ten periods. However, after the initial chip selling, ETHFI ushered in a wave of rapid and sharp rises.
It is precisely based on the strong trend of ETHFI that first declined and then rose that currently relatively radical investment experts in the OTC community are generally optimistic about ENA's mid-term trend, and even gave a higher estimated price of 2 USDT.
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