I genuinely believe we will never see $ENA at 7c again. The principal reasons for why it got there are gone: - VC unlocks - Staked USDe APY at parity to t-bills - Fee switch uncertainty If you’re thinking Oct 5 is going to give you a chance to buy ENA cheaper, I think that’s generally a fleeting opportunity: everyone else is thinking the same. The good thing is there is a way to get ENA 50% off today’s spot. I’ll let you figure out how…

@stablecoin_x $USDE Friday, August 21st inputs: ENA per share = (ENA tokens held x ENA price) / USDE Class A outstanding • ENA tokens held: ~3,029m • ENA price: ~$0.141 • USDE Class A shares: ~24m = ENA per share is ~$17.74

@ethena keeps expanding distribution. Access to USDe has materially expanded since last year. When crypto sentiment turns positive and perp funding rates mean revert, imagine how much more circulating supply of $USDe there will be compared to the last cycle. $USDe everywhere.

Nice write-up on @ethena from someone that gets it. “ENA trading below a billion while sitting on top of one of the most integrated synthetic‑dollar engines in crypto looks, to me, like a discount worth underwriting. If and when the market cycle turns, I’d rather already be holding the thing that Wall Street and DeFi are quietly building around than scrambling to buy it into a vertical candle.” I’ll put it more simply (but you should read Savvy’s post!): 1. The APY offered in sUSDe is cyclical due to the underlying basis trade where the short leg gets paid more in a bull cycle, but less (or negative) in a bear cycle. When the basis trade is no longer generating attractive returns (such as today), $USDe backing sits in cash (ie other liquid stables) and simply generates t-bill rates. 2. USDe circulating supply is highly correlated to the APY that sUSDe offers. It’s simply natural for market participants to seek the highest yielding / lowest risk opportunities in the market. In crypto bull markets, it means USDe circulating supply should grow significantly, and conversely, in bear markets it will, as we have seen, decline in circulation. 3. The value of $ENA itself is highly correlated to USDe circulating supply. That correlation will move closer to 1 once the fee switch is activated. Unfortunately the fee switch itself can’t be turned on until USDe circulating supply reaches scale and APYs on sUSDe are materially above t-bills. But the facts are correct: the more USDe circulating supply, the greater the probability of fee switch activation, the more correlation between USDe supply and ENA price moves to 1. 4. That means if crypto is up, sUSDe APYs are up, USDe supply is up, and ENA is up. Since the crypto market itself is highly correlated to just $BTC prices, betting on ENA is in many ways just a higher vol proxy to expressing a long Bitcoin thesis! If you love Bitcoin, you should really love ENA. 5. The point is, ENA at its lows is not a reflection of a broken ecosystem or a broken token, but a reflection of where we are in the cycle. If you believe the crypto market will come back then as @sav_gupta put it, “I’d rather already be holding the thing that Wall Street and DeFi are quietly building around than scrambling to buy it into a vertical candle.” That’s exactly what @stablecoin_x is doing with its treasury deployed into ENA. At an ENA price of $0.076, that treasury is worth $9.59 per $USDE share today. Yes, you read that right, $9.59 vs $USDE close of $2.03. 👀

For those who don't know, Aladdin is @BlackRock's investment management and risk analytics platform. It is used by insurers, pension funds, asset managers, including the likes of CalPERS, Deutsche Bank, Citi and Blackrock itself. That's over $20 trillion in assets that these managers have on the Aladdin platform. Now, all of these managers will have the ability to not only allocate to solana:DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT, but also seamlessly integrate it into their existing portfolio management and risk analytics processes. Congrats to @ethena on yet another integration that continues to compound the utility and access for Ethena products.