Can stablecoins still come up with new tricks? Ethena Labs' USDe soared to a market value of over 10 billion in just 500 days, outpacing USDT and USDC by more than double.

Recently, the bullish sentiment was ignited by Ethena's newly established department, StablecoinX, which plans to repurchase 260 million USD ENA within 6 weeks, accounting for 8% of the circulating supply, driving the price with real capital every day. More importantly, the fee switch mechanism has been approved, and a portion of future protocol revenue will be directly distributed to sENA holders. According to Tokenomist's scenario simulations, a conservative estimate suggests that sENA could achieve an annualized return of 4%, and in an optimistic scenario, it may even exceed 10%.

In the long run, Ethena is expanding into the Converge Chain and launching a compliant stablecoin, USDtb, gradually building a diversified income system to enhance cyclical resilience.

With strong catalysts, can ENA continue to rise? What does everyone think?

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