ENA (Ethena) Project Analysis
1. Research Institute Review
Ethena essentially functions as an open-ended hedge fund, tokenizing its trading collateral into stablecoins. Ethena utilizes ETH tokens as collateral for liquidity mining, shorting an equivalent nominal amount of ETH to create a Delta-neutral portfolio. This configuration ensures that for every $1 change in the underlying value of Ethena's held assets, its net value fluctuates by $0, while generating income from ETH collateralization and short position funding.
2. Recent Breakthroughs
This is a prominent stablecoin project recently, backed by strong investment, with good initial participation and listed on Binance's launchpool.
3. Project Introduction
Ethena provides derivative infrastructure to transform Ethereum into the first stablecoin exchange with native crypto yields through a Delta-neutral hedging process to ensure stability. Collateral is allocated to protect on-chain custodial wallets, with corresponding short positions taken as Delta-neutral collateral.
4. Token Functions
Staking, Voting
5. Token Economic Model
Total Supply: 15 billion
Initial Circulating Supply: 1.425 billion
Foundation: 15%
Investors: 25% (25% in the first year, linear unlocking thereafter)
Ecological Fund: 30%
Core Contributors: 30% (Ethena Labs team and advisors, 25% unlocked after 1 year)
For tokens in Binance's launchpool:
Maximum Supply: 15,000,000,000 ENA;
Initial Circulating Supply: 1,425,000,000 ENA (9.5% of maximum supply);
Mining Total: 300,000,000 ENA (2% of maximum supply);
Mining Pool: BNB mining pool can mine a total of 240,000,000 ETHFI (80%), FDUSD mining pool can mine a total of 60,000,000 ETHFI (20%).
6. Project Highlights
The DeFi protocol Ethena announced plans to launch a governance token and will airdrop tokens to users holding USDe on April 2nd. The protocol plans to airdrop 750 million ENA tokens, accounting for 5% of the total supply. The "Earn Fragments" activity will end on April 1st, granting users eligibility for the token airdrop. Users who cancel staking, unlock, or sell all USDe before this date will not be eligible for the airdrop.
7. Investment Institutions
Stablecoin project Ethena Labs announced the completion of a $14 million strategic round of financing at a valuation of $300 million, led by Dragonfly, Brevan Howard Digital, and Arthur Hayes' family office Maelstrom. In July last year, Ethena Labs also completed a $6.5 million seed round of financing, led by Dragonfly, with Deribit, Bybit, OKX, Gemini, Huobi, Arthur Hayes, and his family office among the participants.
8. Community
11.6k followers on Twitter, 240,000 chat members on Discord, 703 members in the Telegram group. Users can exchange USDT for its stablecoin and earn fragments through staking, locking, holding, and inviting, etc., resulting in a high level of community engagement.
9. Special Economic Model
None
10. Future Outlook
Binance Labs has included Ethena Labs in the first batch of incubation projects for Incubation Season 6. Seraphim, the former external "face" of Lido and expansion lead, has joined Ethena Labs as Head of Growth, with their product sUSDe offering a real-time yield of 27.6%. A Binance Labs-led project, it is also a key RWA project incubated by Binance Labs. Recently, Binance has begun launchpool activities, and Ethena plans to introduce BTC as collateral, expecting to further expand USDe supply to over $10 billion, keeping an eye on it.
Basic Information
Project Introduction: Ethena provides derivative infrastructure to transform Ethereum into the first stablecoin exchange with native crypto yields through a Delta-neutral hedging process to ensure stability. Collateral is allocated to protect on-chain custodial wallets, with corresponding short positions taken as Delta-neutral collateral.
Token Full Name: Ethena
Token Name: ENA
Project Website: https://www.ethena.fi/
Project Documentation: https://ethena-labs.gitbook.io/ethena-labs
Block Query: https://etherscan.io/token/0x57e114B691Db790C35207b2e685D4A43181e6061
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CoinW Institute
2024/4/2
ENA (Ethena) Project Analysis
1. Research Institute Review
Ethena essentially functions as an open-ended hedge fund, tokenizing its trading collateral into stablecoins. Ethena utilizes ETH tokens as collateral for liquidity mining, shorting an equivalent nominal amount of ETH to create a Delta-neutral portfolio. This configuration ensures that for every $1 change in the underlying value of Ethena's held assets, its net value fluctuates by $0, while generating income from ETH collateralization and short position funding.
2. Recent Breakthroughs
This is a prominent stablecoin project recently, backed by strong investment, with good initial participation and listed on Binance's launchpool.
3. Project Introduction
Ethena provides derivative infrastructure to transform Ethereum into the first stablecoin exchange with native crypto yields through a Delta-neutral hedging process to ensure stability. Collateral is allocated to protect on-chain custodial wallets, with corresponding short positions taken as Delta-neutral collateral.
4. Token Functions
Staking, Voting
5. Token Economic Model
Total Supply: 15 billion
Initial Circulating Supply: 1.425 billion
Foundation: 15%
Investors: 25% (25% in the first year, linear unlocking thereafter)
Ecological Fund: 30%
Core Contributors: 30% (Ethena Labs team and advisors, 25% unlocked after 1 year)
For tokens in Binance's launchpool:
Maximum Supply: 15,000,000,000 ENA;
Initial Circulating Supply: 1,425,000,000 ENA (9.5% of maximum supply);
Mining Total: 300,000,000 ENA (2% of maximum supply);
Mining Pool: BNB mining pool can mine a total of 240,000,000 ETHFI (80%), FDUSD mining pool can mine a total of 60,000,000 ETHFI (20%).
6. Project Highlights
The DeFi protocol Ethena announced plans to launch a governance token and will airdrop tokens to users holding USDe on April 2nd. The protocol plans to airdrop 750 million ENA tokens, accounting for 5% of the total supply. The "Earn Fragments" activity will end on April 1st, granting users eligibility for the token airdrop. Users who cancel staking, unlock, or sell all USDe before this date will not be eligible for the airdrop.
7. Investment Institutions
Stablecoin project Ethena Labs announced the completion of a $14 million strategic round of financing at a valuation of $300 million, led by Dragonfly, Brevan Howard Digital, and Arthur Hayes' family office Maelstrom. In July last year, Ethena Labs also completed a $6.5 million seed round of financing, led by Dragonfly, with Deribit, Bybit, OKX, Gemini, Huobi, Arthur Hayes, and his family office among the participants.
8. Community
11.6k followers on Twitter, 240,000 chat members on Discord, 703 members in the Telegram group. Users can exchange USDT for its stablecoin and earn fragments through staking, locking, holding, and inviting, etc., resulting in a high level of community engagement.
9. Special Economic Model
None
10. Future Outlook
Binance Labs has included Ethena Labs in the first batch of incubation projects for Incubation Season 6. Seraphim, the former external "face" of Lido and expansion lead, has joined Ethena Labs as Head of Growth, with their product sUSDe offering a real-time yield of 27.6%. A Binance Labs-led project, it is also a key RWA project incubated by Binance Labs. Recently, Binance has begun launchpool activities, and Ethena plans to introduce BTC as collateral, expecting to further expand USDe supply to over $10 billion, keeping an eye on it.
Basic Information
Project Introduction: Ethena provides derivative infrastructure to transform Ethereum into the first stablecoin exchange with native crypto yields through a Delta-neutral hedging process to ensure stability. Collateral is allocated to protect on-chain custodial wallets, with corresponding short positions taken as Delta-neutral collateral.
Token Full Name: Ethena
Token Name: ENA
Project Website: https://www.ethena.fi/
Project Documentation: https://ethena-labs.gitbook.io/ethena-labs
Block Query: https://etherscan.io/token/0x57e114B691Db790C35207b2e685D4A43181e6061
Join the CoinW Institute to decipher the world of crypto with no threshold for quality projects!
Btok: https://s65535.com/CoinwExchangeEnglish
TG: https://t.me/CoinwExchangeEnglish
CoinW Institute
2024/4/2