1. Basic information
Token name: Ethena (ENA)
Total amount of tokens: 15,000,000,000 ENA
Initial circulation: 1,425,000,000 ENA (9.5% of the maximum token supply)
Total mining volume: 300,000,000 ENA (2% of the maximum supply of the token)
Mining cycle: 2023-03-30 8:00 to 2024-04-02 8:00 (Beijing time)
Online time: 2024-04-02 16:00 (Beijing time)
Official website: https://www.ethena.fi/
2. Income analysis
In this issue, Ethena is the creator of USDe, a synthetic dollar protocol built on Ethereum. The initiative addresses the need for a stable, scalable form of money within the crypto-native space that does not rely on the traditional banking system.
Ethena's USDe currently relies on collateral stETH and its inherent yield, while taking short ETH positions to balance delta and utilizing perpetual/futures funding rates to maintain the peg and provide yield. To put it simply, while earning ETH staking income, you can open 1x short orders of the same size on CEX to earn funding rates.
1. Referring to the lending rate on XVS, the current BNB lending rate is 18% annualized, and the estimated cost of lending BNB for mining is US$0.06;
2. Fdusd is exchanged with usdt. The usdt lending rate is currently 5%. Fdusd currently has a premium of about 0.8% (compared to the pre-announcement price of 0.998), which is converted to an annualized rate of about 97%, so the capital cost is 5% + 97% = 102%, it can be estimated that the mining cost of Fdusd is approximately US$0.24;
3. The current OTC price on whales is around US$0.65. Assuming the opening price is around US$0.65, the corresponding circulating market value is US$930 million. The mining costs of borrowing BNB and FDUSD are very different, but the arbitrage returns are similar. The estimated arbitrage principal return is 1.3-1.5%;
4. If you hold BNB and Fdusd yourself, you must participate. The estimated currency-based annualized income is 180% (BNB) and 279% (Fdusd);
Note: Arbitrage generally refers to using mainstream currencies such as BTC or ETH to mortgage and lend BNB or USDT to participate in new transactions; all data are changing in real time, and the above analysis does not have any reference value;
