The Learning Pill 💊(@thelearningpill):Worked on this thesis using @Glasscade_xyz data. In the bull case, @EthenaPay alone adds ~$0.43 to $ENA on top of Standard Chartered's $2, and that's before counting @ethena Whitelabel, which also feeds buybacks. Most valuations price one revenue line at a time. When they all route into the same buyback, they stack against a single supply figure, and that's where I think the bid is underpriced.

The Learning Pill 💊

@thelearningpill

Curating crypto alfa, insights and new projects so you can make it // Storyteller at @glasscade_xyz Nothing here is financial advice.

Joined January 2018

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The Learning Pill 💊@thelearningpill

2026.10.07 10:01

Worked on this thesis using @Glasscade_xyz data. In the bull case, @EthenaPay alone adds ~$0.43 to $ENA on top of Standard Chartered's $2, and that's before counting @ethena Whitelabel, which also feeds buybacks. Most valuations price one revenue line at a time. When they all route into the same buyback, they stack against a single supply figure, and that's where I think the bid is underpriced.