A comprehensive review of ENA

ENA was launched on Binance, and the opening price reached a high of $0.9. On the first day, there was a 2.5% return, which simply did not give everyone any chance to get on board. Many people may be wondering when they can seize the opportunity next time. The opening price was in line with expectations, but the trend was not as expected, and even market makers helped investors earn 200 times the return. Even the founder of MakerDAO rushed in to invest millions of dollars, which further proves the attractiveness of ENA.

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Ethena.Fi Startup Overview:

Location: Portugal

Focus: Developing Internet Savings Bonds and New Ethereum-based Stablecoins, the latter of which ensures value stability through derivative strategies.

Project Investment Information:

Financing: Raised $6 million in a seed round led by cryptocurrency-focused venture capital firms such as Dragonfly.

Plan: Stablecoins and debt assets are expected to be launched in the third quarter.

Project Endorsement:

Well-known Investors: Including industry leaders such as Arthur Hayes.

Project potential and goals:

$ENA : Unlock new potential in the DeFi space through $USDe tokens, convert ETH into synthetic assets with returns, and use lending, staking and liquidity pools to obtain returns.

Valuation: After the seed round of financing, another $14 million of financing was carried out, and the valuation reached $300 million.

Analysis:

ENA is a synthetic dollar protocol, and many people regard it as a new version of Luna. Its core is to make money through derivative strategies, using stablecoins USDE and Ethereum 1:1 anchoring. This means that you invest Ethereum in the ENA protocol, and they give you an equal amount of USDE, and use your Ethereum to short. In this way, no matter how the price of Ethereum changes, the value of USDE can remain stable because they will hedge risks through contracts. This method is absolutely innovative for algorithmic coins.

There are two main sources of annualized returns of up to 35%:

One is the basic income of Ethereum received by the ENA protocol,

The second is the funding rate from the contract.

In general, ENA has brought some fresh air to the DeFi field, especially in the international community, and has gained a lot of popularity. The team is strong and has received support from bigwigs, so everything looks very ideal.

But how it performs in the actual market, especially whether it can withstand the selling pressure after the airdrop, is still the key to testing the true strength of $ENA . (Only pulling the market is the real power). Also, the funding rate may be positive in a bull market, but may become negative in a bear market, making the annualized rate of return (APY) unsustainable. Also, if the custodian runs away, the risk will be great. In short, whether ENA can withstand the test of the market depends on the verification of time.

At this stage, $ENA has been listed on multiple exchanges and has successfully attracted widespread attention through airdrop activities. But next, whether it can prove that it has the potential and strength to become a 100-fold coin is the key. If there is a chance for a correction in the future, it is indeed worthy of everyone's attention. However, investment is risky and you need to be cautious when entering the market. Everyone must be fully informed and prepared before rushing in.