$ENA is a generative stablecoin project focused on arbitrage between spot and futures, with its stablecoin USDE being backed by an equal amount of spot longs and futures shorts. The project's revenue mainly comes from two parts: first, the staking rewards from spot longs, and second, the funding fee revenue from futures shorts.
I am optimistic about ENA's future development, mainly based on the following reasons:
First, most of ENA's business is still concentrated in the Ethereum ecosystem, and ENA is one of the few standout star projects that have emerged in the Ethereum ecosystem over the past two years.
Second, ENA has received holdings from the Trump family (with a holding cost of 0.94), and has also partnered with a stablecoin company under BlackRock.
Furthermore, the stablecoin issuer StablecoinX has prepared $260 million and plans to use USDE to go public on Nasdaq. Additionally, StablecoinX plans to spend $5 million daily to repurchase ENA to alleviate the selling pressure in the market.
Finally, the passage of the GENIUS Act creates favorable conditions for the entire DeFi market, with stablecoins being seen as a trend in the future crypto market. The launch of USDE on the US stock market is expected to continue driving up ENA's price.
Considering the above factors, ENA's fundamentals are expected to continue growing in the coming period, and its value will be further explored, which may support ENA's current price trend. With the strong momentum of Ethereum's development, ENA is likely to become a potential strong dark horse in the crypto market.
