Standard Chartered sees Ethena’s USDe reaching $40B, ENA hitting $2

Standard Chartered sees Ethena’s USDe reaching $40B, ENA hitting $2

Özet: Kripto piyasasında önemli gelişmeler yaşanıyor.

Related: Ethena launches USDe payments app, offers 6% rewards The link between USDe growth and ENA buybacks is central to Standard Chartered’s valuation case for the token. A fee switch approved by Ethena governance in early September directs 95% of net revenue from its business lines toward ENA buybacks once USDe reaches specified supply milestones.

At $25 billion in USDe supply, Ethena estimates the mechanism could generate $375 million in annual ENA buybacks, assuming a 6% gross protocol yield and a 25% net revenue take rate.

Standard Chartered estimates that if USDe reaches its $40 billion forecast and ENA’s price remains unchanged, annual buybacks could amount to roughly 23% of ENA’s circulating market capitalization.

The bank said such a rate would likely be unsustainable, so it expects ENA’s price to rise until buybacks settle at a lower percentage of its market value.

The bank used Uniswap as a comparison, noting that UNI’s annualized buyback rate has stabilized at around 3% to 4% as its token price increased.

ENA was trading at about $0.27 on Wednesday, up roughly 28% over the past week and 77% over the past month, according to CoinGecko data.

The token has a market capitalization of about $2.65 billion.

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