$ENA
The question of whether **Ethena ($ENA)** is really as good as it is advertised is one of the most pressing issues in DeFi. Undoubtedly, Ethena has attracted attention with its "synthetic dollar" **USDe**, which offers high and stable returns achieved through delta-neutral hedging.
Project supporters view it as an innovative and bold solution for creating a scalable, decentralized currency. However, skeptics point to **significant risks**:
* **Liquidation risk:** If the market shifts sharply, hedging may prove insufficient.
* **Counterparty risk:** The vaults holding the collateral could present a centralized point of failure.
* **Sustainability of returns:** Long-term stability of high profits raises doubts, especially in a "bearish" market.
Ethena is a bold experiment with great potential, but its complexity and risks require a deep understanding before investing.
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