#daily100 - (description)

Bought 682.59 #ENA at $0.293

Ethena is a protocol that issues a synthetic dollar USDe.

The base is simple: long on an asset + mirrored short on perpetuals.

This creates a hedge that keeps the price around a dollar.

The protocol's income mainly comes from funding — when the market is skewed towards longs.

Recently, the project has undergone three key changes:

Buybacks and burning of ENA.

The protocol has started using part of the earned funding income for buyback and destruction of tokens. This means that income has stopped "lying dead" — it has begun to return to the ENA economy.

Development of the ecosystem around USDe.

New integrations have emerged, support in liquidity protocols, improved collateral management mechanics. USDe is becoming not an "experiment," but a working element of DeFi infrastructure.

Growth of stable's capitalization.

USDe has steadily increased its volume over the past months, and does so without noticeable stress. More stable — more income, more room for buybacks.$ENA