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Ethena Labs has launched the ENA token, which surged 63% on its debut, reaching $0.92 with a $1.3 billion market cap and $13.9 billion FDV. The founder, Andre Cronje, has been compared to Terra and UST, with concerns raised about high risks. Despite this, the token's market cap has soared to $2 billion, and Ethena Labs is onboarding Bitcoin as collateral to scale its synthetic dollar product.
Ethena Labs will start purchasing and shorting $BTC as part of a cash-and-carry trade in a move that developers say will create a “safer” USDe synthetic dollar product for users. By @shauryamalwa. https://t.co/A3q6Wx9Sod
Ethena was supposedly created to solve a problem: USDC and USDT have all these bad risks. What do they do as soon as they have your money? Invest 38% of it in Tether USDT. If you think this is cool, I think you were bought off. @TardFiWhale may share the scoop soon. https://t.co/xdsRvrQG8j
As Ethena’s USDe Quickly Reaches $2 Billion in Market Cap, Some Wonder If It’s as Risky as Terra’s UST 🗞 Full Story: https://t.co/snpa4FYjVN ✍️ by @httpsageyd https://t.co/r0TdtwiUEi