ENA price

Ethena's $ENA is up 47% over the last 7 days, but what is driving the rally? Aside from positive market tailwinds with crypto asset prices rising across the board, ENA's rally stands out for one key reason: Speculation on Fee-Switch Activation ENA is unique, where the fee switch parameters have already been established, but require certain thresholds to be met or exceeded for it to be formally activated, in which case sENA holders would be the fee recipients. These fees are primarily generated via 10 bip mint fees on USDe, but other protocol revenue streams exist as well. The parameters are: ✅ USDe circulating supply: $6.08bn (threshold: >$6bn) ✅ Cumulative protocol revenue: $431.31m (threshold: >$250m) ❌ CEX adoption: USDe CEX adoption: 3 (threshold: 4 of the top 5 CEX by derivatives volume) ✅ Reserve Fund ≥ 1% of USDe supply ❌ sUSDe APY spread vs benchmark: (threshold: 5.0-7.5%) While the last parameter is not yet within range, the current spreads for sUSDe vs other benchmarks are as follows: Spread vs AAVE USDC: 3.03% Spread vs T-Bill: 2.48% Spread vs sUSDS: 2.05% The avg 30d apy for sUSDe is 5.59% and the current apy is 9.74% at the time of writing. Additionally, the influx of staked sUSDe vs other key benchmarks like Maker/Sky's sUSDS signal that capital allocators expect the spread to widen in Ethena's favor, as seen in the chart below.

Currently farming only these airdrops: • Ethena + Ethereal • Lighter DEX 1/ Ethena S4 : Farming with stablecoins. Deployed on Pendle's eUSDe LP Pool: 🔗 Maturity: Aug 14 (28 days left) • 3.4% Pendle APY • 50x @ethena_labs Sats • 1x @etherealdex Point I believe @etherealdex will do great post-launch. Imagine earning yield on your stablecoins while trading. The sUSDe LP Pool: Maturity: Sept 25 (70 days left) • 7.3% Pendle Yield • Native sUSDe yield • 25x Ethena Sats 2/ @Lighter_xyz DEX: Perp DEX with 0 maker/taker fees — perfect for scalp traders. Make volume earn points. Easy.

Expected points earnings for Ethena Season 4, along with the annualized points table. @ethena_labs airdrop point rules and gameplay have matured significantly, with very few uncontrollable factors: S4 is confirmed until September 24, with a minimum allocation of 3.5% tokens, and the minimum holding requirement that existed since S3 has been canceled. The only special rule left is that the top 2000 addresses have a 33% reward that needs to be unlocked (Sats mined from the USDe pool on Pendle can be exempted)... The emission of Sats points is also quite stable (currently estimating the final total points amount to be around ~34T), so the value of points can be roughly estimated from the $ENA coin price. 💡 Therefore, the current Ethena series on @pendle_fi YT is basically "a kind of PT" = buying $ENA at a discount three months later. For example, referring to the column with a points multiplier of 60x in the table below, if we value $ENA at $0.27, the points earnings (three-month APY) would be around 9.13%. By entering 9.13% into the calculator on the Pendle interface (see attached image two), it can be calculated that the September USDe YT bought at about 7.5% cost can yield a profit (ROI) of 22% - or approximately equivalent to buying $ENA at an 18.5% discount three months later. Note: Most people actually have at least a 10% points multiplier (for example, loyalty multiplier), so the table also includes an annualized reference for a 10% increase in points multiplier. (In the previous example, if 60x is increased to 66x, the points earnings would be about 10.05%, equivalent to a 35% ROI / 26% discount on buying coins). In other words, currently participating in the 7.5% cost YT-USDe, the coin price has a "room for decline" of ~18.5-26%, which is certainly better the more there is, so it depends on your entry point. For example, with a 7% YT cost, similarly valuing $ENA at $0.27, the ROI will rise to 33-46%, or equivalent to a 25-31% discount on buying coins. Currently, my operation is to set limit orders and wait for a drop to buy cheap YT. 〔LP〕 If you're not interested in buying YT, the Ethena stablecoin LP earnings on Pendle are also quite good: since 85% of the content in the LP currently has points as "SY", when we look at the annualized LP, we should add the expected LP points annualized to the numbers displayed on the Pendle interface. The table also includes LP points earnings, for example, the max annualized UI for the USDe LP pool in July shows 13%, and with the expected points added, it becomes ~20.8%. Pendle LP guarantees the minimum capital preservation (USDe-based) as long as you hold it until maturity, and all annualized / emissions / points are essentially free earnings. Finally, the above is just a personal analysis of Ethena points sharing, NFA & DYOR. If you want me to regularly update this table, please like, comment, and share. Thank you!