The investment values of ENA and FET each have their own focus, and need to be chosen in conjunction with individual risk preferences. The core comparisons are as follows:

1. ENA: Focus on stable returns and ecological implementation

- Core Advantages: Relying on the Ethena protocol, its USDe is the fourth largest stablecoin in the world (with a supply exceeding $7 billion), and the ecological foundation is solid; the total revenue of the protocol has reached $406 million, and after the fee conversion mechanism is activated, sENA holders can expect a benchmark annualized return of about 4%, potentially exceeding 10% in a bull market; it is also advancing the Converge Chain Layer 2 network and compliant stablecoin USDtb, continuously expanding application scenarios.

- Main Risks: Over $500 million in private placement tokens will be unlocked in the next 12 months, combined with $640 million in team/early tokens awaiting release, leading to significant selling pressure; protocol income relies on market sentiment, and earnings may decline in a bear market.

- Suitable Audience: Investors seeking relatively stable returns and optimistic about the stablecoin sector.

2. FET: Focus on innovation track and long-term potential

- Core Advantages: Focused on the integration of AI and blockchain, can create autonomous AI agents, with implementation potential in areas like supply chain and the Internet of Things; its own public chain TPS exceeds 30,000, capable of meeting the real-time interaction needs of AI agents; staking FET allows participation in governance and earns passive income, and the Agentverse platform lowers the development threshold.

- Main Risks: Market capitalization is only about $1.61 billion (ranking 107th in cryptocurrency), and the ecological maturity needs improvement; faces competition from rivals like SingularityNET and tech giants, and there is uncertainty in technology implementation.

- Suitable Audience: Investors with a higher risk tolerance who are optimistic about the innovation track of AI + blockchain in the long run.