$ENA **$ENA Core Values and Risk Analysis**

1. **Sources of Innovative Revenue**: Supports Ethena Labs' USDe synthetic dollar protocol, generating revenue through spot ETH staking + futures hedging (current APY ≈ 7.5%), attracting over $2 billion TVL.

2. **Token Utility**: Governance rights + protocol revenue sharing (e.g., staking rewards), but relies on sustained high returns to maintain demand.

3. **Key Risks**:

- **Centralized Dependence**: Collateral assets are held by CEX, posing counterparty risk;

- **Ponzi Concerns**: Revenue depends on new capital, sustainability is questionable;

- **Regulatory Variables**: Synthetic dollars may face challenges from new stablecoin regulations.

**In the short term, look for incentive dividends; in the long term, verify the revenue model and risk resistance capabilities**.