Myron

21shares Ethena ETP (EENA) represents the acceptance level of retail users for the price of $ENA .

Yesterday (12/3), 21shares officially listed the ETP product EENA, based on ENA single asset exposure, on the Swiss stock exchange (SIX Swiss Exchange).

Monitoring the trend of EENA might be better than keeping an eye on the price of StablecoinX (Ethena DAT)?

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StablecoinX is an ENA reserve company established through a collaboration between Ethena and a venture capital firm. It is traded as a U.S. stock and is not as pure as trading products like ETP.

Although StablecoinX will purchase ENA through the Ethena Foundation, it is more inclined to buy ENA within a specific price range during a specific time period, thus having a clearer cost price.
(According to DefiLlama, the average cost price corresponding to the two completed rounds of purchases is approximately: 0.29, 0.21)

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21shares' EENA is designed to be 100% physically backed and cannot be used for lending or other purposes, with assets stored at the custodian BitGo.

In other words, what EENA reflects is a purer retail user trading psychology, showing the price that buyers trust for ENA.
(Additionally, there is a management fee cost of 2.5%)

A 2.5% management fee is considered a standard setting in 21shares' single asset exposure type ETP.

For example, the two ETPs tracking $DOGE and $PYTH also have a fee of 2.5%.
Although ETHC and CBTC are 0.1%, it is mainly because they need to compete for market share with other competitors.

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EENA recorded an AUM of 1,293,770 on its first day, which should be considered a moderate performance for the ETP launched by 21shares.

I will treat EENA as another reference data point, as it more accurately reflects the price preferences of European market users for ENA assets.

Although 21shares mentioned in the document that the potential benefit of ENA lies in opening up a profit-sharing mechanism after cost conversion, the fact is that no one can predict when it will start, so current buying and selling are more based on the price fluctuations of the ENA asset itself.

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*Opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)

*Image source: 21shares

#21Shares #ENA走势分析 #StablecoinX #DAT

Does the Ethena Leaderboard from Bantr show that the creators you follow are truly engaged in the ecosystem?

Bantr, which focuses on mindshare + product usage, makes it impossible for creators to hide whether they are actually using the product agreement, making it quite suitable for deciding which creators to follow!

Today, I unexpectedly found that I ranked in the Top 200 on Bantr's Ethena Leaderboard for 7 days, currently at 106.

Its score is mainly composed of two parts:
1. The impact share of the community account & mind share
2. On-chain interactions with the product agreement

Although my account only has five hundred followers, it might be because of my deep usage of the Ethena product that my Personal Multiplier is the highest among the top two hundred (1.35)

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This leaderboard reveals a lot of information, for example, accounts that frequently post Ethena-related data often have a Personal Multiplier that is mostly the basic value (1), but the product usage (Community Multiplier) of followers tracking these accounts can reach as high as 2.

In summary, through Bantr's leaderboard, we can better filter the creators we want to follow, whether they are deeply engaged in the agreement and using the product, or purely data analysis-oriented creators.

For instance, I found that J2's Personal Multiplier also reached 1.25, and I immediately followed them, haha.

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Applied to other projects, it can also distinguish between token grab accounts and actual users, effectively filling the gaps in on-chain behavior tracking that everyone thought InfoFi projects like Kaito were lacking.

However, the rewards provided by the Ethena and Bantr leaderboard activities are not financial products, but rather X Affiliate Badges (distributed to the top ten), which are project labels attached to accounts, so there shouldn't be any so-called token grab users participating.

The accounts on the leaderboard do not include all Ethena content creators; only those connected to X and Bantr will be counted.

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*The opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)

*Image source: Bantr

#Bantr #Ethena #ENA走势分析 #InfoFi $ENA $KAITO

Share information, the growth rate of Ethereal Epoch 2 deposit points

After the Ethena ecosystem's Terminal (Spot DEX) announced that it will no longer operate, I guess a lot of USDe will flow to Ethereal (Perp DEX), sharing some information about deposit points

Last week (11/21), I deposited 1000 USDe, and during the cycle from 11/20 to 11/27, I earned 46 points

For those who have deposited in Season Zero before, you can roughly assess how much money needs to be deposited or how long it needs to be deposited to receive the Loyalty Boost (Season Zero Points 100% bonus)

I myself am preparing to achieve the progress of the Loyalty Boost through deposit points

However, this week Ethereal Alpha opened up the ability to gain full access (trading functions) through binding invitation codes. If you are eager to earn points, you can go to Discord to find invitation codes shared by whitelisted users

Last time, a friend shared their experience using Ethereal Alpha, during the trading phase, the price difference between buy and sell was relatively large, with higher wear and tear

I am not good at boosting trading volume, so I am still just depositing to earn points and do not plan to bind to the whitelisted invitation code

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※ The above content does not constitute investment advice. Users should operate according to their own risk tolerance, and DYOR to participate in the investment market with caution

※ Attached image taken from Ethereal

#ethena #Ethereal #terminal #Airdrops $ENA

Ethena ecological Terminal announces it will no longer prepare to launch the protocol, quickly triggering a tUSDe exodus

Just now (11/29), the team announced it is not prepared to continue advancing Terminal services

The main reason is that the launch of the Converge chain is still a long way off, and for a protocol like Terminal specifically designed for Converge, there is no longer a need to continue operating

Current latest update: Pendle has removed the Terminal tUSDe market, but we can find links through Terminal's dApp. Those with positions are advised to exit as soon as possible, as liquidity has already been halved to 47M

After Pendle LP exits, they will receive tUSDe + Pendle Reward, and then return to Terminal to unstake tUSDe, they will receive an equivalent amount of sUSDe, which has not decreased in value

The official community states that user funds are secure, all held in a custody vault, and can be redeemed 1:1

However, there was not much explanation regarding the points, only stating that Ethena points and EtherFi points are both retained. But looking at this, it seems likely that Terminal points will be wasted

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*Opinions are solely my personal views and not financial advice (NFA), please do your own research (DYOR)

*Image source is from Terminal

#terminal #ethena #Airdrops #Converge $ENA

Strata jrUSDe 23% APY + Pendle PT 16.6% APY，Likely the Best USDe Yield Option Right Now

▻jrUSDe Price: 1.00549(11/16)→1.00836(11/22)
▻srUSDe Price: 1.00527(11/16→1.00594(11/22)

▻jrUSDe 7d APY: 17.31%
▻srUSDe 7d APY: 4.17%

The difference in APY is starting to become evident in the rate at which both token prices appreciate.

The jrUSDe 7-day APY had a negative rate for only one day (11/17), and the 30-day APY had a negative rate for only three days (11/8, 11/9, 11/17).

The reduced frequency of negative rates for jrUSDe is allowing its overall APY to remain high (30d APY: 13.96%).

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Strata jrUSDe APY = Price going up

Pendle PT APY = Quantity increasing

Easiest way to earn with your USDe balance, would you try it?

*FYI: jrUSDe Pendle market only 53 days left, majurity date is 2026/1/15

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*Strata code with 10% boost："3uDSH"

*Opinion is my own views, will not be financial advice(NFA), please do your own research(DYOR)

*Images sourced from Strata

#Strata #PENDLE #ethena #USDe $ENA $PENDLE

Ethena sENA has launched a new airdrop project for points, coming from the Hyperliquid ecosystem Based

Following Echelon, Derive, and the Converge ecosystem Ethereal, Terminal, Strata, Based is the sixth protocol where sENA holders can passively earn airdrop points.

Note: Derive $DRV 5% tokens have all been airdropped.

Actually, as early as September, when Ethena announced the investment in Based, it forecasted that Based would allocate future token airdrops to sENA holders.

A few days ago, the fourth quarter airdrop of $ENA allocated a total of 3.5% of the total token supply, and 1% has yet to be opened for claiming, which is expected to be distributed through HyENA.

According to Based's announcement, HyENA is the product of its collaboration with Ethena, and it should be through Based providing related technology or liquidity if nothing unexpected happens.

Currently, Based supports depositing USDe into the platform via HyperEVM, and the supported trading pair is USDE/USDC. However, it should be noted that Ethena has not yet supported Based's point data, and USDe on Based may not have Ethena airdrop points.

Based currently mainly offers perpetual + spot trading, as well as tokenized stocks for HIP-3, with trading pairs all pegged to the stablecoin USDC. If you want to participate in Based + Hyperliquid airdrops, you can directly deposit stablecoins and other assets into trading through EVM.

Alternatively, you can accumulate Based airdrops directly through sENA positions, with increased point multipliers in the first two months after the launch. Generally speaking, I do not lock positions, keeping the opportunity to exit sENA positions at any time, mainly for a difference of only 1x point multiplier, which is a matter of personal opinion.

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※Ethena code：
eu54u

※Based code：
MYRONC

※The above content does not constitute investment advice; users should operate according to their own risk tolerance, and participate in the investment market with caution, DYOR.

※Attached image Ethena

#Ethena #Hyperliquid #Based #ENA $HYPE $USDE

Strata jrUSDe negative interest rates continue to rise, and a significant reversal in the original yield sUSDe APY may be needed to turn the tide.

Benchmark APY(SSR) is fixed at 4.75%, although the Collateral Pool APY has seen a slight increase (2.48% - 2.59%), jrUSDe APY has still worsened from -17.73% on 10/19 to -21.05% on 10/22.

In fact, Strata Reserves (TVL) are rising, with a net inflow of about 21m in funds over the three days from 10/19 to 10/22, but nearly 90% of the funds chose to mint srUSDe, which has increased from 92m on 10/19 to 113m on 10/22.

Conversely, the Market Cap of jrUSDe has even shown a reduction, possibly also affected by its own price continuing to decline, currently having fallen below 1 dollar.

It is uncertain whether the panic-driven crowd effect will amplify, but I think there are two time points to watch in the short term:

1. The completion of the fund transfer for Strata Pre-Deposit

As the pre-staked pUSDe can no longer earn points, existing users must transfer their holdings to the mainnet to mint new tokens again, with 17.33m of old funds still not transferred.

2. Whether sUSDe APY can rise significantly

If sUSDe APY can rise rapidly in the short term, perhaps under dynamic changes, jrUSDe may have a chance for explosive yield increases; conversely, if APY stagnates at a low level while funds continue to flow into srUSDe, then jrUSDe may face increased risks in order to protect the benchmark interest rate of srUSDe.

Additionally, old partners in the Ethena ecosystem, Euler and Morpho, have also completed the aggregation of Strata mainnet assets and the applicability of Pendle's YT LP, still leaving considerable potential for airdrop point arbitrage.

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※Ethena code：
eu54u

※Strata code：
3uDSH

Participating in Strata using the code can earn a 10% Boost

※The above content does not constitute investment advice; users should operate according to their own risk tolerance, and DYOR cautiously participate in the investment market.

※Image taken from Strata

#ethena #Strata #ENA #Airdrops

This month, after Ethena distributes the fourth quarter airdrop of $ENA , the circulating supply of ENA will exceed 50% of its maximum supply.

Currently, 47.71% of ENA has been unlocked. Since the official announcement clearly stated that the airdrop for the fourth quarter will not be less than that of the third quarter (3.5%), the circulating ENA will officially exceed 50% of the total amount after the distribution of the fourth quarter airdrop this month.

Despite Ethena actively releasing multiple positive news a month ago, the coin price has gradually fallen from 0.8 to the current 0.56. It seems that even the repurchase plan of StablecoinX cannot reverse the short-term downturn caused by users withdrawing early before the airdrop.

In the fourth quarter, I accumulated about 1B of S4 Rewards, which is roughly equivalent to about 10000 early ENA. Can I sell it for a good price?

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※Ethena code：
eu54u

※The above content does not constitute investment advice. Users should operate according to their own risk tolerance and participate in the investment market with caution, DYOR.

※The attached image is taken from Ethena.

#ethena #Airdrops #ENA将解锁走势如何 #StablecoinX $ENA