In recent years, the cryptocurrency market has developed rapidly, and various emerging projects have emerged one after another. Among them, Ethena Labs’ Ethena token (ENA) has attracted widespread attention. This article will take a closer look at Ethena’s valuation, future plans, and its potential impact on investors.
Ethena’s Valuation Analysis
Preliminary valuation: $14 million: On February 16, Ethena Labs announced the completion of a $14 million round of strategic financing that valued the company at $300 million. The round was co-led by Dragonfly and Maelstrom, the family office of BitMEX founder Arthur Hayes. This news not only shows the market’s confidence in Ethena, but also lays the foundation for its subsequent development.
Fully diluted valuation: $4.5 billion: According to analysis by derivatives trading platform Aevo, at a price of $0.30 for the ENA token, Ethena’s fully diluted valuation could reach $4.5 billion. This figure shows Ethena’s potential in the market and has attracted the attention of investors.
Long-term forecast: $200 billion
BitMEX founder Arthur Hayes has a more optimistic prediction for Ethena’s future. He believes Ethena’s long-term valuation could be closer to $200 billion. According to his analysis, the Ethena Protocol’s annual revenue will be determined by 80% of the USDe supply, with the remaining 20% attributed to the Ethena Protocol. This means that if 100% of USDe were staked, the Ethena protocol’s annual revenue would amount to 20% of total returns.
Revenue model analysis: To gain a deeper understanding of Ethena’s potential, we can consider its revenue model. Assuming an ETH staking yield of 4% and an ETH Perp swap funding yield of 20%, Ethena's total yield will depend on the supply of USDe and its staking status. Ethena had $820 million in assets and generated a 67% return, according to early March data. At a 50% sUSDe to USDe supply ratio, Ethena’s annualized revenue is expected to be approximately $300 million. This data provides strong support for Ethena's future growth.
Future airdrop plans for Ethena (ENA)
Ethena (ENA) recently announced its airdrop plan and will officially airdrop tokens to users on April 2. The airdrop will release 750 million ENA tokens, which represents 5% of its total supply. Users can qualify for the air investment by participating in the “Fragments” event, which will end on April 1. It is worth noting that users who unstake, unlock, or sell all USDe before this date will not be able to receive the airdrop.
After the airdrop ends, Ethena (ENA) will be listed on centralized exchanges, at which time users will be able to claim the tokens. This action will not only attract more users to participate, but also further enhance Ethena’s market visibility.
Potential Impact for Investors
The success of the Ethena token will directly impact investor returns. As interest in Ethena continues to rise, investors will need to pay close attention to its developments. If Ethena can realize its revenue model as expected and successfully complete the airdrop plan, the value of its token is expected to increase significantly.
However, investors should also be aware of market risks. In the cryptocurrency market, price fluctuations are the norm and any external factors may affect Ethena's performance. Therefore, investors should carefully assess their risk tolerance when making investments.
in conclusion
The Ethena token (ENA) has shown strong potential in the market, providing investors with diverse opportunities both in terms of its valuation and future airdrop plans. As the market continues to develop, Ethena may become an important player in the cryptocurrency space. Investors need to stay tuned and adjust their strategies at any time in order to obtain the best returns in this rapidly changing market.