$ENA **$ENA Core Values and Risk Analysis**

1. **Source of Innovative Revenue**: Supports the USDe synthetic dollar protocol of Ethena Labs, generating revenue through spot ETH staking + futures hedging (current APY ≈ 7.5%), attracting over $2 billion in TVL.

2. **Token Utility**: Governance rights + protocol revenue sharing (e.g., staking rewards), but dependent on maintaining high demand for sustained high returns.

3. **Key Risks**:

- **Centralization Dependency**: Collateral assets are held by CEX, posing counterparty risk;

- **Ponzi Concerns**: Returns depend on new funds, raising sustainability doubts;

- **Regulatory Variability**: Synthetic dollars may face impacts from new stablecoin regulations.

**Short-term looks at incentive dividends, long-term needs to verify revenue model and risk resistance capability**.