jakiro
Organization: Bitchain Vision, Source: Binance, Bitchain Vision Realm
On March 29, 2024, Binance issued an announcement saying that Binance Launchpool will launch Ethena (ENA), the 50th issue of the project.Users can put BNB and FDUSDs into ENA mining pools after 08:00 on March 30th Beijing time for mining for 3 days.In addition, Binance will be launched on Ethena (ENA) at 16:00 on April 2, Beijing time, and will open ENA/BTC, ENA/USDT, ENA/BNB, ENA/FDUSD and ENA/TRY transactions.
Launchpool details
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Token name:Ethena (ENA)
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The maximum supply of tokens:15 billion ENA
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Initial circulation:1425 billion ENAs (9.5%of the maximum supply of tokens)
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Total amount of Launchpool mining:300 million ENAs (2%of the maximum supply of tokens):BNB mining pool240 million ENAs (80%),FDUSD mining pool60 million ENAs (20%) can be mining (20%)
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Mining time:East Eight District Time March 30, 2024 08:00 to 2024 07:59
The Ethena (ENA) Launchpool Launchpool is not unexpected.As early as February 19, when Ethen Labs opened its synthetic US dollar stable currency deposit to the public, Ethena (ENA) became a hot topic that almost everyone on Crypto Twitter was concerned about the discussion.
In early March, the founder of BitMex Arthur Hayes also posted a message to appreciate Ethena: “I believe that Ethena can surpass Tether to become the largest stablecoin.”>”Arthur Hayes: Why Ethena will shock Tether”.
Understand Ethena
Ethena is a synthetic US dollar stabilized currency protocol. Ethena’s synthetic US dollar USDE will provide the first cryptocurrency native solution to the first anti -censorship, scalable and stable cryptocurrency of the funds implemented by the Delta mortgage mortgage.
Ethena is essentially an open hedge fund that uses liquidity pledged ETH tokens as a mortgage, and ETH is short -term. Create a investment portfolio with Delta 0.The change of basic value fluctuates, and at the same time, it can be obtained from ETH pledge and its short financing payment.
In order to protect the user’s mortgage, Ethena (ENA) uses OES settlement (OES) solutions to hold funds with good reputable third -party custodian institutions and only map account balances to CEX to provide transaction margin to ensure that funds will never never be the funds.Stay in the centralized exchange.
Because the pledge ETH can be perfectly shedding with a short position value of the same value, the USDE can be cast at a mortgage ratio of 1: 1, so that the capital efficiency of Ethena (ENA) is equivalent to the stable currency (such as USDC and USDT) supported by the US dollar assets, and at the same timeIt also avoids the dependence on obtaining assets from the traditional financial market, and asset issuers in the traditional financial market must comply with the provisions of the physical world.
Although Ethena (ENA) currently only uses the pledge ETH as a mortgage, the agreement may further use BTC as a mortgage to achieve a larger scale, but this may be diluted to dilute the revenue of USDE, because BTC mortgages will not beEffect pledge income.
Ethena (ENA) operating mode
hook up
USDE is a stable currency issued by Ethena, which aims to link with the US dollar at 1: 1.
Ethena joined various authorized participants (APs).AP can cast and destroy USDE at a proportion of $ 1: 1.
coin:
Currently, accepting STETH LIDO, Mantle Meth, Binance Wbeth and Eth.Ethena then automatically sells ETH/USD permanent drop to lock the US dollar value of ETH or ETH LSD.The USDE of the equal amount of the agreement is matched with the value of the US dollar permanently hedged.
example:
AP is stored in 1 STETH, worth $ 10,000.
Ethena sells 10,000 ETH/USD = 10,000 US dollars/$ 1 contract value per part.
AP received 10,000 USDE because Ethena sold 10,000 eth/USD for each drop -off contract.
combustion:
To destroy USDE, AP deposits USDE into Ethena.Then, Ethena automatically replenished part of its short/USD permanent drop loss, thereby unlock a certain amount of US dollar value.The agreement will then destroy USDE and subtract the total amount of the execution fee based on the unlocked US dollar value to return a certain amount of ETH or ETH LSD.
example:
AP is stored in 10,000 USDE.
Ethena’s Slocating contract repurchase 10,000 ETH / USD = 10,000 US dollars / $ 1 contract value
AP receives 1 STETH = 10,000 * $ 1 / $ 10,000 STETH / USD minus the execution fee
Advantages and risks of Ethena (ENA)
1. Advantages
(1) scalability
By using derivatives to achieve scalability, this allows USDE to expand with capital efficiency.Because the pledged ETH can be perfectly hedled through the short -term value of the equivalent value, it only takes 1: 1 mortgage to synthesize the US dollar.
(2) Stability
By providing stability by immediately on the hedging of the transfer of the transfer of assets, it ensures the synthetic US dollar value behind the USDE under all market conditions.
(3) Anti -review
By separating the assets from the banking system and stored unwritten support assets on the decentralized liquidity places outside the chain, transparent, all -weather audit, and programmatic custody account solutions to resist the review.
2. Risk
(1) The risk of decoupling of mortgages
Ethena’s main risk is to mix the use of LST mortgages and ordinary Ethereum shorts.Although this optimization of ETH -based transactions helps to maximize the sustainable benefits of the agreement, it increases risks!
If Ethena’s LST mortgage is decoupled from ETH, Ethena’s ETH shortness will not be able to capture fluctuations, causing the protocol to suffer from book losses.
Although LST’s transactions are usually close to their hooks, we have witnessed the various decourse situations of these tokens. For example, during the black swan liquidation incident of 3AC (three arrow capital) in the middle of 2022, the STETH price of Lido was greatly reduced, approaching approaching, approaching8%!
In April 2023, the Shapella upgrade enabled the Ethereum pledge withdrawal function, which made the 3AC liquidation create the most extensive decoupling we see in the blue chip LST, but the fact is still that any future decourse event will be given to Ethena’s.The deposit requirements (the amount of funds must be deployed to the exchange to keep it hedge and open, and avoid the position of its positions).
Once the liquidation threshold is reached, Ethena will be forced to achieve losses.
(2) Financing interest rate risk
Although the earnings of Ethena may seem amazing from the beginning, it is important to note that there were two agreements that have previously tried to expand the scale of the Synthetic dollar stable coin, but because the yield is upside down, it has ended with failure.
In order to fight for negative financing income, Ethena used the pledge ETH as a mortgage. This strategy reduced the number of days of negative yields in the three -year data recovery test from 20.5%to 10.8%.
Although 100%can be determined that the financing interest rate will be upside down at a certain point, the natural state of the encrypted market is a futures premium transaction, which puts pressure on the financing interest rate and provides a favorable environment for Ethena’s base difference transaction.
(3) Trading risk of opponents
Many people who are unfamiliar with Ethena believe that the deployment of user mortgages to a centralized exchange is a major risk, but the use of the above OES custody account has greatly reduced this risk.
Although the non -settlement hedging profit on the bankruptcy exchange may bring losses, Ethena sets up PNL (profit and loss) settlement at least every day to reduce the capital exposure to the exchange.
If an exchange of Ethena bankruptcy, the agreement may be forced to use leverage for other exchanges’ positions to make the investment portfolio DELTA neutral until the position of the unsuccessful position is settled.Release funds.
In addition, if Ethena’s OES account’s custodian bankruptcy may be delayed, the fund acquisition may be delayed, which needs to use leverage on other accounts to hedge the investment portfolio.
(4) General encryption risk
Like many early encryption agreements, it is important to remember that Ethena’s depositors are facing the risk of the agreement team to deceive user funds, because the ownership of the project key has not yet achieved decentralization.
Although most encrypted projects are facing a large number of hackers’ attack risks in their potential vulnerabilities in their smart contracts, Ethena uses OES custody accounts to reduce this risk by eliminating the use of complex smart contract logic.
EthenaValuation
1. $ 14 million
On February 16th, Ethena Labs announced that it had completed a strategic round of strategic rounds of strategic rounds of strategic rounds of strategic rounds of $ 300 million. Dragonfly and Bitmex founder Arthur Hayes Family Office Maelstrom jointly led.
2. $ 4.5 billion
AEVO, a derivative trading platform, once pointed out on social media,In the case of Ethena token ENA $ 0.3, ENA’s full dilution valuation can reach $ 4.5 billion.
3. $ 200 billion
Bitmex founder Arthur Hayes believes that the valuation is not only that.
Arthur Hayes believes that long -term segmentation is expected to be 80% of the income generated by protocols into the pledged USDE (SUSDE), and 20% of the generated income is classified into the Ethena protocol.
Ethena agreement annual income = total income * (1–80% * (1 – Susde supply / USDE supply))
If 100% USDE is pledged, the SUSDE supply = USDE supply:
Ethena agreement annual income = total income * 20%
Total yield = USDE supply *(ETH pledge yield + ETH PERP drop capital)
ETH pledge yields and ETH PERP SWAP funds are both variable interest rates.
ETH pledge yield -assume that the PA yield is 4%.
ETH PERP SWAP Funds -Assume that PA is 20%.
The key part of this model is that the full dilution valuation (FDV) of the income multiple should be used.
With these multiples as guidance, the following potential Ethena FDV is created.
In early March, Ethena’s $ 820 million assets generated 67%of their yields.Assuming that the supply ratio of SUSDE and USDE is 50%, it is inferred that after one year, Ethena’s annualized income is about $ 300 million.The FDV obtained from the valuation similar to ONDO was $ 189 billion.Does this meanEthena’s FDV will be close to $ 200 billion at the time of launchIntersection
5. Ethena (ENA) Future Air Investment Plan
On Wednesday, Ethena (ENA) announced the airdrop plan, which will officially set up token to user airdrops on April 2.Ethena (ENA) plans to switch to 750 million ENA tokens, accounting for 5%of the total supply.The “fragments” event will end on April 1, which makes users qualified to obtain tokens.Before this date, people who cancel, unlock, or sell all USDE will be unlikely to get airdrops.
Users will be able to win the currency from the next day, and ENA will be listed on the centralized exchange.After the airdrop, Ethena (ENA) will start a activity to provide new incentive measures for the next stage of airdrops.
