ENA and pendle are two perfectly complementary products. Arthur Hayes may have really hit the right spot this time. He is optimistic about the long-term Cefi perpetual contract funding rate income + full capital utilization calculation + interest rate swap lock-in gameplay. In this bull market cycle, the TVL of the two protocols is expected to exceed 100 billion. Just hold the spot for a long time, and leverage is recommended to buy on dips.

The only uncertain factor at present is that it is unknown whether ENA will have new gameplay in the future with so many BTC and ETH. After the depth of liquidity in the bull market is established, the energy that this protocol can explode is unimaginable. Second, the business model in the bear market is unknown. The funding rate in the bear market is not so considerable. ENA needs to pay fees for the hedged positions in hand, and this fee needs to be recovered. At present, there are many ways to play, which should be no problem, but any risks may occur in the bear market.

As for now, you just need to believe in the advanced nature of this wave of calculation and innovation. Those who should use USDe to get income will get income, and those who should hoard coins will hoard coins. Just hold it steady.