Ethena Everywhere. $ENA 的新叙事,从delta neutral的收益下降后,Ethena的重心在向其他领域扩展,以补充原有模式规模受限的问题。 其白标稳定币业务正在快速进入市场,比如最近比较热的MegaETH存款 $USDm 就是Ethena的SaaS产品,这条路线应该是ENA下半场的主要叙事。 其生态内的绑定项目,Terminal/Ethereal/Strata等,也会为USDe提供大量使用场景,delta neutral收益性稳定币经过一个周期的检验,仍然可以存活在市场上,但它表现出在规模化上的局限性。对于Ethena来说,下一阶段的发展将围绕Ethena另外一个稳定币USDtb和SaaS的业务展开。
Ethena Everywhere.
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