Value analysis and purchasing logic for #ethena and $ENA

#ENA has always been one of the long-term targets on the purchase list.

Past performance shows that when $BTC and $ETH stabilize, the performance of $ENA surpasses the former two, as its business logic is that profit logic is established when both rise, and now #bnb has been added. This round of the altcoin market has not consistently produced an independent trend; when the market cools, $ena also lacks an independent trend, but when the market rebounds, it becomes a lever for upward movement.

From the perspective of team professionalism, the business data disclosure is the most complete and professional. At 10.11, the asset audit report was provided in real-time, which can be considered as having passed a market test (concerns about a repeat of the #LUNA incident).

The report logic from @BitMEXResearch is perplexing; profit points to stakers, driving long-term investors to stake and share in the dividends, which further reduces liquidity—this is easy to understand. The logic is clear and reasonable. The conditions for the protocol's revenue distribution have not yet been activated. There is no need to elaborate further on the calculation of revenue distribution.

Regarding the logic of whether it is worth purchasing in the future:

1. If you believe the cycle has already ended, you should completely abandon $ENA. If you have the patience to wait for liquidity improvement, you can observe and understand.

2. Can the decrease in TVL indicate anything? This value itself changes with market fluctuations; is it not more unreasonable to act when TVL rises to a high level?

3. The total amount of stablecoins has no competitors among neutral strategy targets and is the most strictly included asset.

Given that Black has been calling for higher prices for ENA at high levels, and now this report from Bitmex has emerged, I believe it's not an issue of skill. #DeF i #协议收入 #USDE