Ethena (ENA)

#ENA $ENA LONG TRADE

ENTRY: 0.0806

TARGET: 0.0927

STOPLOSS: 0.07795 https://t.co/0rMYXksjRO

Not many protocols in DeFi print more revenue than @ethena, and not many tokens are doing worse than ENA right now.

• USDe is the 6th-largest stablecoin ($4.44B market cap)
• sUSDe pays 11.1%
• $363M in annualized fees

But $ENA is still down ~95% from its ATH.

The business and the token are telling completely different stories right now, so here's both sides ↓

1️⃣ Bullish catalysts:

→ TradFi distribution

TradFi stopped pitching Ethena and started building on it:

- @RobinhoodApp picked USDe as the primary collateral for its earn product
- @BlackRock integrated USDe into Aladdin (the risk system that runs $20T+ in institutional assets)
- Janus Henderson ($480B AUM asset manager) is holding USDe in its treasury strategy
- @Securitize added its tokenized credit fund to USDe's backing

This is a stickier form of demand than DeFi TVL, because an asset manager that builds USDe into its stack doesn't rotate out on a bad funding week.

→ Regulated capital

iUSDe is a version of USDe built for institutions that