Stablecoins are one of the most persistent flows in crypto.
But stablecoins themselves don’t capture that growth.
$ENA does.
Ethena takes staked ENA and turns it into a funnel for ecosystem rewards coming from the apps building around USDe: perps, DEXs, money markets, structured yield, and more.
Ecosystem partners have already committed up to 15 percent of future token supply to sENA holders.
And the fee switch is still ahead.
As USDe becomes collateral, settlement, and yield rail across chains, ENA becomes the “value accrual layer” of that growth.
People farm stablecoin yields.
But the upside sits in the token designed to capture the expansion of the stablecoin economy.
The sENA value model (bookmark this)
→ sENA serves as the liquid receipt token for locking $ENA (composable throughout a wide range of DeFi apps)
→ Intended to reward users aligned to the long term growth of Ethena
→ Staked ENA (sENA) earns rewards for @etherealdex @BasedOneX @strata_money @DeriveXYZ @Terminal_fi @EchelonMarket and other Ethena Network members
→ These teams committed to giving sENA holders up to 15% of any potential future token supply
TL;DR: sENA has been structured to accrue value where eco apps set aside portions of their token supply to be airdropped to sENA holders.
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