EENA

A structured, market-driven path to digital dollar yield

Ethena is the world’s first scalable, crypto-native repo market. Its protocol creates the USDe stablecoin, which is uniquely backed by hedged crypto assets (using spot buys and perpetual shorts) rather than bank dollars. Its rapid growth to ~$8B AUM¹ in less than two years has made it one of the largest stablecoins in the world, demonstrating unprecedented adoption.

Ethena is becoming a full-stack infrastructure

Ethena is expanding into a complete platform for digital dollars by offering Stablecoin-as-a-Service² for corporate issuance, developing the Converge³ tokenization chain for trading, and providing specialized products like iUSDe for institutions and a savings/payments app for Telegram⁴ users.

ENA token holders have a stake in Ethena's future revenue and profit growth

As USDe and sUSDe turn into prime collateral (spot, perps, lending), revenue sharing⁵ will send fees to ENA holders. ENA is a long-term bet on Ethena as crypto's settlement/yield backbone. Risks remain on timing and execution.

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Footnotes:

¹ DefiLlama. “Stablecoin.” https://defillama.com/stablecoins 
² https://ethena.fi/products/whitelabel
³ https://www.convergeonchain.xyz/
⁴ https://evaa.finance/?lng=en‍
⁵ Blockworks. “Ethena Foundation prepares ENA fee switch for token holder vote.” https://blockworks.co/news/ethena-foundation-prepares-ena-fee-switch