$ENA **$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 TVL.

2. **Token Utility**: Governance rights + protocol revenue sharing (such as staking rewards), but needs to rely on sustained high returns to maintain demand.

3. **Key Risks**:

- **Centralization Dependence**: Collateralized assets are held by CEX, posing counterparty risk;

- **Ponzi Scheme Doubts**: Revenue depends on new funds, sustainability is questionable;

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

**In the short term, incentive dividends are visible; in the long term, the revenue model and risk resistance capability need to be validated**.