Stablecoin Narrative ENA's Research and Investment Thesis: (Personal opinions are for reference only)
1️⃣Ethena's TVL soared to $2.35 billion, a 27x increase in 4 months, ranking 14th on Defillama and ahead of all other RWA protocols
2️⃣$USDe is now the fifth largest stablecoin by market capitalization, showing rapid growth
3️⃣ In the past 30 days, Ethena generated $20 million in fees and $7.85 million in revenue. Ethena ranks 12th in revenue among all other tracked protocols on Defillama, with revenue coming from staked assets and derivatives positions
4️⃣Season 2 airdrop hype - Sats and DeFi integration with $USDe (Pendle, Curve, Mantle)
5️⃣They have raised over $20.5 million through funding and seed rounds
6️⃣Backed by some heavyweights including CryptoHayes, Blknoiz06, Cobie, Samkazemian, Newmichwill, StaniKulechov, kaiynne, Rewkang and DoveyWan
