Eugene

Top trader Eugene: Ethena has the foundation to expand USDe to billions or even hundreds of billions

ChainCatcher news, top trader Eugene Ng Ah Sio posted on social media that Ethena is the fastest-growing DeFi product in history. It has scaled its yield stablecoin to $3 billion within a few months, and since its inception, no other stablecoin has grown as quickly as USDe. The first chapter of the Ethena story focuses on building a secure, high-quality stablecoin. It has withstood the test during extreme market volatility, and now the goal is to compete for the largest prize in cryptocurrency—the $160 billion market share of Tether.At this point, Ethena is beginning to transition from a DeFi-native stablecoin to a legitimate stablecoin competitor with a superior value proposition and significantly improved distribution channels. The introduction of USTb, the recent participation of Blackrock financial products, and the decline in interest rates have gradually matured the conditions for Ethena, which is now in a leading position, poised to make USDe the dominant stablecoin in cryptocurrency.Due to numerous inefficiencies in the market, you now have the opportunity to purchase this emerging powerful competitor at 1/4 of WIF's market cap, entering the largest market segment in cryptocurrency.Although ENA is the only major new product in this cycle with a clear product-market fit (PMF), its trading ranking on Coingecko hasn't even entered the top 100. From a technical analysis perspective, ENA's high time frame charts are very clean. Combined with fundamental drivers and reduced inflationary pressures, I can easily foresee ENA returning to the $1 level. This wouldn't even put ENA in the same market cap league as WIF, only matching POPCAT's recent $1.5 billion circulating supply.Looking ahead, Ethena has the foundation to expand USDe to tens of billions or even hundreds of billions. Ultimately, as crypto stablecoins gain greater market share due to international cross-border payments, a trillion dollars is not out of the question. At this point, considering that ENA is the best product targeting the largest market in the crypto space, I would be surprised if it does not become one of the top 20 coins. When this will happen remains unknown, but Ethena is my bet on the next significant dream in the crypto space for this cycle.
2024-10-11
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