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

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

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

3. **Key Risks**:

- **Centralization Dependency**: Collateral assets are held by CEX, posing counterparty risk;

- **Ponzi Concerns**: Income relies on new funds, sustainability is questionable;

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

**Short-term looks at incentive dividends, long-term needs to verify income models and risk resistance capabilities**.