The hard road was from $0.20 to $1.
The easy road is from $1 to $5.
Time to full send $ENA above a dollar
- Fed rate cuts = higher funding rates
- Funding rates improving creates a loop of Ethena assets: people going to Aave and borrowing stables at 4/5% & supplying sUSDe and Ethena PT tokens at >10% APY
- This explains the growth of USDe TVL
- Circle revenue diminishing vs Ethena revenue
- USDe has been outperforming USDC by a major margin in terms of net supply growth. Especially these last 2 months.
Whether you like it or not, the 'yield' use case is outperforming the 'savings' use case of stablecoins in general. We have seen it with Luna (not executed properly) and now with $ENA.
We had a small correction after the big surge of $ENA price last month. I believe $ENA is one of the few assets worth bidding in the long run outside of the established coins like eth/sol.
Luna without a crash 러그없는 루나
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