This article presents my view on the potential that the project offers and the opportunity being presented, as its price remains well below the value that Ethena (ENA) brings to the market, especially within the t-32 (Decentralized Finance).
In collaboration with Securitize, Ethena Labs announced the launch of the Converge blockchain, an EVM network designed to integrate traditional finance (TradFi) and DeFi. This initiative aims to provide a settlement layer for tokenized assets, serving both institutional and retail investors. The launch of Converge is scheduled for the second quarter of 2025.
Expansion of the Ecosystem with iUSDe: Ethena Labs also introduced iUSDe, a regulated version of its stablecoin sUSDe, aimed at meeting compliance requirements for traditional financial institutions. iUSDe allows asset managers, private credit funds, and other players to incorporate crypto-native returns into their portfolios, extending the reach of DeFi beyond the crypto universe.
Regulatory Advances in the USA: The regulatory environment in the United States has become more favorable to DeFi in 2025. With the expectation of new legislation approval by August, the sector awaits greater legal clarity, which could boost institutional adoption and market growth. This may benefit leading projects in the sector, such as c-23 e c-25, leaders in the sector.
With these initiatives, Ethena Labs positions itself as a transformative force in the DeFi ecosystem, offering solutions that connect the crypto world to traditional finance. The combination of strategic partnerships, innovative products, and a more friendly regulatory environment points to a promising future for Ethena and the DeFi market as a whole.
Despite the recent correction, ENA still shows solid fundamentals, especially due to its integration with the DeFi ecosystem and strategic partnerships. The current consolidation can be seen as a pause before a possible new upward movement, especially if there are positive catalysts in the market.