Bullish thesis for Ethena based on @theempirepod with @gdog97_ 🔹 Bullish Thesis for Ethena (USDe/ENA) @ethena_labs transforms the "crypto dollar" from a passive payment tool into a scalable "savings-trading" asset with real revenue, leveraging delta-neutral carry strategy (spot-long/perp-short), Aave-Pendle money-lego composability, and rapid institutional adoption (iUSDe, Coinbase Prime, SPV/DAT). During Fed easing cycles, its yield typically rises (leverage demand ↑, funding ↑), while traditional issuers (USDC) see yields fall. This positions Ethena as a beneficiary of the next DeFi wave and contender for "default yield-bearing dollar" for trading and savings. 🔹Why the Bull Case is Probable 1. High Operating Leverage Business Model - Already >$12-13B USDe; >$500M gross interest income; ~$30M rewards/30 days - At $30B USDe and ~10% GII: $3B gross income; take-rate 10-20% ⇒ $300-600M annual revenue - Team ~27 people, "soft-scalability" ⇒ target 50-70% net margin 2. Macro...
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