Sam(@0xTraderSam):“Most liquid allocators are meaningfully undersized to Ethena when considering the scale of the opportunity” —— The way to think about Ethena TAM/SAM is to imagine the total future market cap of stablecoins, what % of that market will seek yield, what % of those seeking yield want more than SOFR, and that’s how you calculate the Ethena opportunity. I anticipate it will be in the hundreds of billions in the not so far out future. There is no other team that has done better risk management, earned consistent yield above SOFR, has more distribution, and is better capitalized than Ethena. There are very, very few projects in crypto with as much potential upside as Ethena.

2026.09.25 14:59

“Most liquid allocators are meaningfully undersized to Ethena when considering the scale of the opportunity” —— The way to think about Ethena TAM/SAM is to imagine the total future market cap of stablecoins, what % of that market will seek yield, what % of those seeking yield want more than SOFR, and that’s how you calculate the Ethena opportunity. I anticipate it will be in the hundreds of billions in the not so far out future. There is no other team that has done better risk management, earned consistent yield above SOFR, has more distribution, and is better capitalized than Ethena. There are very, very few projects in crypto with as much potential upside as Ethena.

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