{"id":602479,"date":"2024-04-10T14:00:20","date_gmt":"2024-04-10T14:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=602479"},"modified":"2024-04-10T14:20:52","modified_gmt":"2024-04-10T14:20:52","slug":"ethena-ena-luna-of-this-cycle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethena-ena-luna-of-this-cycle\/","title":{"rendered":"Ethena (ENA) Is &#8216;The LUNA Of This Cycle&#8217; With 20x Potential: Expert"},"content":{"rendered":"<p>Charles Edwards, the founder of Capriole Investments, has sparked significant interest and debate within the cryptocurrency community. He heralded Ethena (ENA) as &#8220;the Luna of this cycle,&#8221; but with a crucial difference: its economic fundamentals are deemed sustainable.<\/p>\n<p>Edwards elaborated, &#8220;It&#8217;s 100% collateralized and the yield is variable based on market forces. Two things Luna wasn&#8217;t.&#8221; He also noted that at its zenith, Luna&#8217;s valuation exceeded ENA&#8217;s current market cap by more than twenty-fold, yet he cautioned, &#8220;ENA is not risk-free, custody and execution risk exist.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ethena is the Luna of this cycle, except the underlying economics are actually sustainable. It&#39;s 100% collateralized and the yield is variable based on market forces. Two things Luna wasn&#39;t. At it&#39;s peak LUNA was over 20X bigger than what ENA is now. ENA is not risk free, custody\u2026<\/p>\n<p>&mdash; Charles Edwards (@caprioleio) <a href=\"https:\/\/twitter.com\/caprioleio\/status\/41763369?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 10, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Since its launch on April 2, ENA has seen a <a href=\"https:\/\/wncen.com\/news\/ethena-ena-60-luna-like-demise-fantom\/\" target=\"_blank\" rel=\"noopener \">meteoric rise<\/a> from under $0.30 to a high of $1.45. This rally is largely attributed to Ethena Labs&#8217; strategic enhancement of its rewards program, now in its &#8220;Season 2,&#8221; which offers a 50% reward boost for users locking their ENA tokens for at least seven days. This move aims to bolster user engagement and loyalty, fostering a sustainable ecosystem for the Ethena platform.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/ethenas-ena-crucial-role-in-bitcoin-bull-market-expert-identifies-critical-factors-for-sustainable-growth\/\">Ethena\u2019s (ENA) Crucial Role In Bitcoin Bull Market: Expert Identifies Critical Factors For Sustainable Growth<\/a><\/div>\n<p>A remarkable aspect of this ecosystem is the rapid growth of its stablecoin, USDe, which has outstripped the supply growth of established counterparts such as <a href=\"https:\/\/wncen.com\/tether\/what-is-usdt-tether-stablecoin-cryptocurrency\/\" target=\"_blank\" rel=\"noopener \">USDT<\/a>, <a href=\"https:\/\/wncen.com\/crypto\/what-is-usdc\/\" target=\"_blank\" rel=\"noopener \">USDC<\/a>, and DAI, reaching a $2 billion supply in just over 100 days.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">USDe is the fastest growing USD denominated asset in the history of crypto <a href=\"https:\/\/t.co\/xgiRJjf96t\" rel=\"nofollow\">pic.twitter.com\/xgiRJjf96t<\/a><\/p>\n<p>&mdash; G | Ethena (@leptokurtic_) <a href=\"https:\/\/twitter.com\/leptokurtic_\/status\/30224689?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 8, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>However, the project&#8217;s high yields which are generated by harnessing the derivative markets and staked Ethereum have stirred skepticism among industry experts. Fantom founder Andre Cronje, among others, has raised concerns about the sustainability of these yields, which are the highest in the entire crypto industry.<\/p>\n<h2>Risks Involved With Ethena<\/h2>\n<p>Noteworthy, ENA is often compared to Terra Luna (LUNA), but the differences could not be much bigger, as Edwards also noted. While ENA is not risk free, a demise like the one of LUNA is highly unlikely. Despite that, investors need to be aware of other risks involved with ENA.<\/p>\n<p>Diving deeper into the discussion of risks, CL (@CL207) from eGirl Capital offers an intriguing perspective on the behavior of derivatives traders. She <a href=\"https:\/\/twitter.com\/CL207\/status\/31442100\" target=\"_blank\" rel=\"noopener nofollow\">clarifies<\/a>, \u201cIt appears Ethena is making many people who don\u2019t trade derivatives have a really hard time wrapping their heads around the fact that derivatives traders are so genuinely retarded that we&#8217;re willing to pay like 50%+ APR to enter a position.\u201d<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethena-ena-60-luna-like-demise-fantom\/\" target=\"_blank\" rel=\"noopener \">Ethena (ENA) Surges 60%, But Fantom Co-Founder Warns Of Luna-Like Demise<\/a><\/div>\n<p>Notably, last cycle crypto traders were bidding futures so high that Bitcoin quarterlies earned \u201ca locked-in &gt;50% apr. She added, \u201cjust 50 days into 2021, we collectively paid 2,400,000,000$ in funding rates by the end of 2021, the market has paid as much as a decently sized country&#8217;s GDP.\u201d<\/p>\n<p>Monetsupply.eth (@MonetSupply) from Block Analitica provides a granular analysis of the risks Andre Cronje highlighted. Through his <a href=\"https:\/\/twitter.com\/MonetSupply\/status\/92580376\" target=\"_blank\" rel=\"noopener nofollow\">examination<\/a>, several key areas of concern are outlined:<\/p>\n<ul>\n<li><b>Oracle Risk<\/b>: The potential impact on exchange positions due to Ethena providing inaccurate quotes on minting or redeeming operations. However, MonetSupply notes, &#8220;there&#8217;s rate limits on this tho so max loss is constrained and counterparties are all whitelisted (can&#8217;t just run away with the money).&#8221;<\/li>\n<li><b>Liquidation Risk<\/b>: Deemed not a significant factor as the portfolio is leveraged less than 1x, suggesting a conservative approach to borrowing and leverage.<\/li>\n<li><b>Spread Risk<\/b>: The possibility of increased basis leading to higher funding revenue, which should theoretically attract inflows. Conversely, a negative basis might cause outflows, but Ethena could benefit from closing hedged positions profitably.<\/li>\n<li><b>Collateral Ratio Risk<\/b>: Even though liquid staking tokens (LSTs) are given less than 100% weight on centralized exchanges (CEX), the overall low leverage mitigates this risk. The proportion of LST in spot collateral is relatively minor.<\/li>\n<li><b>Custody Risk<\/b>: Highlighted as one of the more significant concerns, given the reliance on custodians with a good track record and the distribution of assets across multiple entities.<\/li>\n<li><b>Exchange Solvency Risk<\/b>: This risk could lead to the loss of unsettled profit and loss (PnL) and some trading costs to rehedge on other exchanges. However, MonetSupply adds, &#8220;the Binance\/ceffu nexus might change this assessment though, are they actually independent?&#8221;<\/li>\n<li><b>Ethena Entity Risk<\/b>: The internal risk related to Ethena&#8217;s keys or authentication tokens being compromised, or a team member acting maliciously.<\/li>\n<\/ul>\n<p>MonetSupply concludes that despite these risks, the framework of overcollateralization on platforms like Morpho, the Maker surplus buffer, and the MKR backstop, supported by a substantial Proof of Liquidity (POL), serves as a robust mitigating factor.<\/p>\n<p>At press time, ENA traded at $1.329.<\/p>\n<figure id=\"attachment_602519\" aria-describedby=\"caption-attachment-602519\" style=\"width: 3628px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-602519 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?resize=3628%2C1673\" alt=\"Ethena ENA price\" width=\"3628\" height=\"1673\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?w=3628 3628w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/ENAUSD_2024-04-10_15-15-08.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-602519\" class=\"wp-caption-text\">ENA price, 2-hour chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/duL49AaX\/\" target=\"_blank\" rel=\"noopener nofollow\">ENAUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Bitget, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Charles Edwards, the founder of Capriole Investments, has sparked significant interest and debate within the cryptocurrency community. He heralded Ethena (ENA) as &#8220;the Luna of this cycle,&#8221; but with a crucial difference: its economic fundamentals are deemed sustainable. Edwards elaborated, &#8220;It&#8217;s 100% collateralized and the yield is variable based on market forces. Two things Luna wasn&#8217;t.&#8221; He also noted that at its zenith, Luna&#8217;s valuation exceeded ENA&#8217;s current market cap by more than twenty-fold, yet he cautioned, &#8220;ENA is not risk-free, custody and execution risk exist.&#8221; Ethena is the Luna of this cycle, except the underlying economics are actually sustainable. It&#39;s 100% collateralized and the yield is variable based on market forces. Two things Luna wasn&#39;t. At it&#39;s peak LUNA was over 20X bigger than what ENA is now. ENA is not risk free, custody\u2026 &mdash; Charles Edwards (@caprioleio) April 10, 2024 Since its launch on April 2, ENA has seen a meteoric rise from under $0.30 to a high of $1.45. This rally is largely attributed to Ethena Labs&#8217; strategic enhancement of its rewards program, now in its &#8220;Season 2,&#8221; which offers a 50% reward boost for users locking their ENA tokens for at least seven days. This move aims to bolster user engagement and loyalty, fostering a sustainable ecosystem for the Ethena platform. Related Reading: Ethena\u2019s (ENA) Crucial Role In Bitcoin Bull Market: Expert Identifies Critical Factors For Sustainable Growth A remarkable aspect of this ecosystem is the rapid growth of its stablecoin, USDe, which has outstripped the supply growth of established counterparts such as USDT, USDC, and DAI, reaching a $2 billion supply in just over 100 days. USDe is the fastest growing USD denominated asset in the history of crypto pic.twitter.com\/xgiRJjf96t &mdash; G | Ethena (@leptokurtic_) April 8, 2024 However, the project&#8217;s high yields which are generated by harnessing the derivative markets and staked Ethereum have stirred skepticism among industry experts. Fantom founder Andre Cronje, among others, has raised concerns about the sustainability of these yields, which are the highest in the entire crypto industry. Risks Involved With Ethena Noteworthy, ENA is often compared to Terra Luna (LUNA), but the differences could not be much bigger, as Edwards also noted. While ENA is not risk free, a demise like the one of LUNA is highly unlikely. Despite that, investors need to be aware of other risks involved with ENA. Diving deeper into the discussion of risks, CL (@CL207) from eGirl Capital offers an intriguing perspective on the behavior of derivatives traders. She clarifies, \u201cIt appears Ethena is making many people who don\u2019t trade derivatives have a really hard time wrapping their heads around the fact that derivatives traders are so genuinely retarded that we&#8217;re willing to pay like 50%+ APR to enter a position.\u201d Related Reading: Ethena (ENA) Surges 60%, But Fantom Co-Founder Warns Of Luna-Like Demise Notably, last cycle crypto traders were bidding futures so high that Bitcoin quarterlies earned \u201ca locked-in &gt;50% apr. She added, \u201cjust 50 days into 2021, we collectively paid 2,400,000,000$ in funding rates by the end of 2021, the market has paid as much as a decently sized country&#8217;s GDP.\u201d Monetsupply.eth (@MonetSupply) from Block Analitica provides a granular analysis of the risks Andre Cronje highlighted. Through his examination, several key areas of concern are outlined: Oracle Risk: The potential impact on exchange positions due to Ethena providing inaccurate quotes on minting or redeeming operations. However, MonetSupply notes, &#8220;there&#8217;s rate limits on this tho so max loss is constrained and counterparties are all whitelisted (can&#8217;t just run away with the money).&#8221; Liquidation Risk: Deemed not a significant factor as the portfolio is leveraged less than 1x, suggesting a conservative approach to borrowing and leverage. Spread Risk: The possibility of increased basis leading to higher funding revenue, which should theoretically attract inflows. Conversely, a negative basis might cause outflows, but Ethena could benefit from closing hedged positions profitably. Collateral Ratio Risk: Even though liquid staking tokens (LSTs) are given less than 100% weight on centralized exchanges (CEX), the overall low leverage mitigates this risk. The proportion of LST in spot collateral is relatively minor. Custody Risk: Highlighted as one of the more significant concerns, given the reliance on custodians with a good track record and the distribution of assets across multiple entities. Exchange Solvency Risk: This risk could lead to the loss of unsettled profit and loss (PnL) and some trading costs to rehedge on other exchanges. However, MonetSupply adds, &#8220;the Binance\/ceffu nexus might change this assessment though, are they actually independent?&#8221; Ethena Entity Risk: The internal risk related to Ethena&#8217;s keys or authentication tokens being compromised, or a team member acting maliciously. MonetSupply concludes that despite these risks, the framework of overcollateralization on platforms like Morpho, the Maker surplus buffer, and the MKR backstop, supported by a substantial Proof of Liquidity (POL), serves as a robust mitigating factor. At press time, ENA traded at $1.329. Featured image from Bitget, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":602482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[60667,91991,91990,91994,91992,83641,85253],"class_list":["post-602479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-charles-edwards","tag-ena","tag-ethena","tag-ethena-news","tag-ethena-price","tag-luna","tag-terra-luna"],"acf":[],"yoast_head":"\n<title>Ethena (ENA) Is &#039;The LUNA Of This Cycle&#039; With 20x Potential<\/title>\n<meta name=\"description\" content=\"Charles Edwards, the founder of Capriole Investments, herals Ethena (ENA) as &quot;the Luna of this cycle,&quot; but with good economic fundamentals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/ethena-ena-luna-of-this-cycle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethena (ENA) Is &#039;The LUNA Of This Cycle&#039; 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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