大智-X
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In-depth Analysis of Ethena: From Yield Machine to Stablecoin Dark Horse, Will Ethena be the Next Stop for DeFi?
Everyone is familiar with the Ethena (ENA) project, which has maintained high market attention and performance recently. In the past year, the stablecoin sector seems to have entered a bottleneck phase, yet Ethena emerged from silence.
The synthetic stablecoin USDe, created by it, quickly climbed to the third position in the decentralized stablecoin market through a unique hedging mechanism, even challenging DAI's position at one point.
As a long-term researcher focused on DeFi models, I found that after in-depth research on Ethena, this project not only built a new generation of stablecoin logic but also forged an independent curve in income and value capture mechanisms.
The synthetic stablecoin USDe, created by it, quickly climbed to the third position in the decentralized stablecoin market through a unique hedging mechanism, even challenging DAI's position at one point.
As a long-term researcher focused on DeFi models, I found that after in-depth research on Ethena, this project not only built a new generation of stablecoin logic but also forged an independent curve in income and value capture mechanisms.
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