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Author: Jack Inabinet, Bankless; Compilation: Deng Tong, Bit Chain Vision World Realm
Many cryptocurrencies are in a state of shocks or declines, but Ethena’s ENA has successfully adhered to the trend, and has risen nearly 10%earlier this week!What caused ENA to perform well?Is the catalyst sustainable?
ENA/BTC currency has established the bottom this Sunday. On the same day, Ethena’s growth supervisor said on Twitter that it will be important next week.
After the trader first announced the news, the entire ENA against the BTC and the US dollar on Monday rose. Subsequently, because the USDE synthesis of the US dollar will integrate with Bybit, ENA soared on Tuesday in the early morning of May to reach $ 1.
The cooperation will support the spot USDE transaction pair and allow Bybit users to use USDE as a permanent trading mortgage, so that they can obtain higher capital efficiency by offset most of the funds payment.In addition, users will be able to increase their revenue by earning a product from Bybit.
If Bybit’s actions of USDE are proved to be a differentiated competitive advantage of traders, then more exchanges will be embedded in their own products, providing huge driving forces for USDE, and will beIt is positioned as a competitive position with USDT and USDC.
In order to make Ethena succeed, the demand for multi -header leverage must maintain a high level to maintain the increase in financing interest rates, because this is the source of most income from the project.In addition, the compression of financing interest rates will reduce the return that the holder can get, and when the interest rate becomes negative, Ethena will suffer losses.
Although the high financing interest rate driven by bull market supports the adoption of USDE in early 2024, the supply of the token has been declining since April 13 has fallen into a downward trend.
The continuous compression of the financing interest rate market has begun to indicate that the enthusiasm has ended. Although the USDE exchange integration can help boost the demand for the token, if the return has further declined, they will not be able to save the product.
