Two key observations have made me more optimistic about the current market.
The ETHENA protocol has generated $54.5M in revenue over the last 30 days, with an annualized revenue expected to be around $400M. This means that $ENA has finally transitioned from a "pure governance token" to a cash flow asset, allowing holders to earn about 7% annualized returns. This shift will reprice the entire ecosystem.
After Binance opened USDe, the inflow effect of funds may be severely underestimated. Bybit currently holds about 300 million USDe, while Binance's volume is 3-5 times that, with potential new funds reaching up to 1 billion. Simply holding USDe in spot can yield 7-10% annualized returns.
The market is undergoing a repricing of projects driven by real yields. Cash flow models like GMX and Synthetix are more attractive in the current environment.
This fundamental improvement, combined with exchange support, creates a rare dual catalyst.
#DeFi #ETHENA #USDe #现金流
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