I. Project overview comparison
ENA (Ethena Labs)
Core product: USDe - a synthetic dollar stablecoin based on ETH collateral
Innovation point: Delta-neutral strategy, hedging ETH price volatility risk through futures
Market positioning: High yield stablecoin, aiming to become the 'internet bond' in the DeFi field
Established: 2023
Token usage: Governance rights, protocol revenue distribution, staking rewards
USUAL (Usual Finance)
Core product: USUAL - liquid staking token based on Solana
Innovation point: Combining Solana staking rewards with DeFi returns
Market positioning: Liquid staking solution within the Solana ecosystem
Established: 2024
Token usage: Governance rights, protocol revenue distribution
LISTA (Lista DAO)
Core product: Liquid staking, lending, and CDP solutions
Innovation point: Focused on the BNB chain ecosystem
Market positioning: 'ALL in BNBFi' - Redefining BNB chain DeFi
Established: May 2022
Token usage: Governance rights, protocol revenue distribution
II. Logical analysis of Dayu's heavy investment in ENA
According to Dayu's investment articles (The future of ENA is far bigger than imagined) and (How to value ENA), the core logic for his heavy investment in ENA includes:
1. Revolutionary product model
ENA has created a brand-new stablecoin model, solving the core issues of traditional stablecoins
USDe achieves high yield, low risk stablecoin through a delta-neutral strategy
This model is viewed by Dayu as the 'internet bond', with the potential to attract trillions of dollars in capital
2. Market gap and growth potential
The stablecoin market exceeds $150 billion, but lacks options for high yield and low risk
USDe fills this market gap, providing an annualized return of 8-10%
Dayu believes USDe has the potential to reach a market value of hundreds of billions
3. Strong team background
Founded by veterans from Jump Trading, Coinbase, and Wintermute
The team has a solid background in both traditional finance and crypto finance
Supported by top venture capital firms like a16z
4. Clear value capture mechanism
ENA tokens can capture protocol revenue
Staking ENA can earn additional rewards
Token economics design is reasonable, inflation controllable
III. Key indicators comparison of the three projects
See Figure 1
IV. Dayu investment logic application analysis
1. Targeted + heavy investment
ENA: Meets the 'targeted' standard - innovative model, huge market, strong team, clear value capture
USUAL: Partially meets - Solana ecosystem hotspot, but innovation and team background are not as strong as ENA
LISTA: Not quite in line - Traditional DeFi model, lacks unique innovation and clear advantages
2. Simple, extreme, heavy investment = billionaire
ENA: Simple logic (high yield stablecoin), extreme (brand new model), suitable for heavy positions
USUAL: The logic is relatively simple (Solana staking), but not extreme enough, suitable for medium positions
LISTA: Simple logic (BNB chain DeFi), but not extreme enough, not suitable for heavy investment
3. Position management and capital preservation interest
ENA: Manageable risk, product model market-validated, suitable for larger positions
USUAL: Relies on Solana ecosystem development, moderate risk, suitable for medium positions
LISTA: Traditional DeFi risks (smart contracts, collateral volatility, etc.), suitable for small positions
4. Defensive investment key
ENA: Product model is innovative but validated, team background is strong, defensiveness is good
USUAL: Relies on the Solana ecosystem, moderate defensiveness
LISTA: Project has been around for a long time, but in the fiercely competitive DeFi field, defensiveness is average
5. Coin selection techniques and buying strategies
ENA: Strong team, technological innovation, large market, strong narrative, meets Dayu's coin selection standards
USUAL: Tapping into Solana's ecological hotspots, but lacking differentiation
LISTA: Lacks obvious advantages and differentiation, limited competitiveness in mature tracks
V. Comparison of investment values
Investment value of ENA
1. Revolutionary innovation: Created a brand new stablecoin model
2. Huge market: The stablecoin market exceeds $150 billion, USDe has the potential to occupy a significant share
3. Strong team: Background from top trading institutions
4. Clear value capture: ENA tokens can directly share protocol revenue
5. Strong narrative: The 'internet bond' concept resonates with the market
Investment value of USUAL
1. Solana ecosystem hotspot: Riding the fast track of Solana ecosystem development
2. Liquid staking demand: Meets the liquidity needs of Solana stakers
3. DeFi integration: Combining staking rewards with DeFi returns
4. Relatively new: Project established in 2024, still in its early stages
Investment value of LISTA
1. BNB chain ecosystem: Focused on the BNB chain, with a large user base
2. Product completeness: Provides a full set of solutions for liquid staking, lending, and CDP
3. Long operational time: Operating since 2022, has gone through multiple market cycles
4. Strategic cooperation: Established partnerships with projects like WLFI (Blue Star analysis: Currently, the usd1 narrative is mainstream in the short term, B breaks 400 million, group friends say: The reason for buying lista is not because of bsc, but because of wlfi and usd1).
VI. Dayu-style investment decision-making
Decision on ENA
Heavy buying: ENA aligns with Dayu's core concept of 'targeted + heavy investment', featuring revolutionary innovation, enormous market space, strong team, and clear value capture mechanism.
Dayu clearly expresses optimism about ENA's long-term development in his article, believing its future is 'far greater than imagined'.
Decision on USUAL
Medium position participation: USUAL rides the wave of Solana ecosystem development, with some innovation but not as revolutionary as ENA. Suitable as part of the Solana ecosystem layout, but not for heavy investment like ENA.
Decision on LISTA
Small position or wait-and-see: Although LISTA has a certain status on the BNB chain, it lacks the innovation and market gap of ENA.
In the fiercely competitive DeFi field, LISTA has not demonstrated sufficient differentiation advantages and growth potential, failing to meet Dayu's heavy investment standards.
VII. Conclusion
From Dayu's investment logic perspective, the investment value ranking of the three projects is: ENA > USUAL > LISTA
1. ENA: Possesses revolutionary innovation, huge market space, strong team, and clear value capture mechanism, meeting Dayu's heavy investment standards. Dayu's heavy investment in ENA is due to its potential to become a disruptive force in the DeFi field, creating the possibility of hundred-fold returns.
2. USUAL: Tapping into Solana's ecological hotspots, with some innovation and market space, but not as revolutionary as ENA. Suitable for medium position participation, as part of the Solana ecosystem layout.
3. LISTA: Provides traditional DeFi services on the BNB chain, lacking obvious innovation and differentiation advantages.
In the fiercely competitive DeFi field, LISTA has not demonstrated sufficient growth potential and does not meet Dayu's heavy investment standards.
Blue Star: In comprehensive comparison, lista currently has a circulating market value of about 80 million, benefiting from Trump's usd1, which can serve as a short-term small position. The current price is 0.285, stop loss at 0.25, take profit at 0.5, with a risk-reward ratio exceeding 4:1, which is also cost-effective.$LISTA
