Understand ENA Coin in one go | ENA attacks repurchase + unlock double-edged sword | Ethena reshapes the stablecoin track? | Ethena project analysis | How does Ethena use the dual currency model to crack MakerDAO's growth curse? | ENA latest news

Ethena is a synthetic dollar agreement with the core of the stablecoin USDe (issuance volume of 7.6 billion), which is maintained by Delta neutral hedging and other maintenance; the total amount of governance token ENA is 15 billion, and the circulation is 42.36%, and it will exceed 1.1 billion to unlock in the next year. USDe has a triple revenue engine, attracting users by 12% annualized, but has not experienced full cycle verification. ENA prices fluctuate greatly, and innovation also faces risks such as unlocking. Be vigilant. #Ethena is a synthetic dollar agreement based on Ethereum. The core product USDe maintains its anchoring through Delta neutral hedging (perpetual contract + ETH staking + Treasury bond yield), and the governance token ENA grants decision-making power and income distribution rights. The project is led by Ethena Labs in the Cayman Islands. StablecoinX received $360 million in 2025, promoting ENA to land on the Nasdaq. #ENA has a total of 15 billion pieces, currently circulating 42.36%, and more than US$1.1 billion tokens will be unlocked in the next year. Technically, #USDe relies on triple income engines: Delta neutral position arbitrage fund rate, superimposed ETH pledge (3-4%) and Treasury bond yields (about 4.5%), withdrawal of 20% of the total income as agreement income (about 300 million annualized), and 80% is allocated to sUSDe holders. However, the full cycle has not yet been verified, and the bear market may be under pressure. In terms of application, USDe attracts a large number of users to pledge with an annualized 12% and locks 60% on the DeFi protocol; the ecosystem expands to the on-chain (Converge Chain), off-chain (USDtb compliant) and TON ecosystem, but the penetration rate in cross-border payment and other scenarios is insufficient. In terms of price, ENA once hit a high of $1.52, and then plummeted 87%. In July 2025, it rebounded due to events such as the launch of Upbit. It is currently driven to $0.736 due to the repurchase plan, with a short-term target of $0.9-1.0, and may challenge $1.5 in the long term, but you need to be wary of the failure of the $0.4 support. Compared with competitors, Ethena forms differentiation by balancing the scale of tokens and stablecoins and diversified sources of income, which is better than AAVE/GHO and Maker/DAI. The controversial point is that high returns rely on bull market capital rates and collateral transparency are doubtful; the core risk is unlocking pressure and lag in revenue growth. In the future, we plan to activate the cost conversion mechanism and promote USDtb compliance. In summary, Ethena has innovated the stablecoin model, which is supported by repurchase, compliance and other short-term, and depends on real scenario adoption and bear market testing in the long run. Investors need to be vigilant of risks and control positions. [Note⚠️, cryptocurrencies are high-risk investments, and you may lose all your principal. If you don’t understand, it is recommended not to participate. This video does not have any investment advice, and is shared only as information] This video focuses on Ethena (ENA), a dark horse in the stablecoin track, and analyzes its value logic and risk boundaries. #Understand ENA Coin#ENA #Ethena #stablecoin#Ethena Project Analysis#MakerDAO's #ENA Latest News#ENA Coin