ENA (ENA)

Ethena’s Internet Money vision isn’t just about DeFi, it also provides infrastructure that can directly interact with traditional finance. Let's take a look👇🏼 All collateral is held in institutional level secure repositories outside of exchanges, this is similar to the custody model in TradFi. With Proof of Reserves and real time dashboards, users can instantly see collateral structures, oracle data and risk management bringing the periodic auditing model of traditional finance into a more transparent, real time view. Tokenized T-Bill products like USDtb act as a bridge between crypto and traditional finance. @ethena_labs isn’t trying to compete with banks, it’s bringing the discipline of traditional finance into the crypto space. Ethena’s Internet Money vision creates a secure, transparent and functional bridge between DeFi and TradFi.

Ethena just updated the Season 4 airdrop, adding a HyENA-related component, indicating a hard push into the Perps market. For users eligible for rewards exceeding 200 million, they need to deposit on HyENA and hold HLPe or USDe for at least two weeks, consecutively. The deposit amount requirement is 1 USDe for every 2 million of reward; based on the minimum 200 million reward, that equals 100 USDe. In addition to the deposit, users must execute a trade of any size on HyENA. Rewards are distributed as uENA (the ENA version on Hyper). The first batch starts in late December, with a two‑month window lasting until February. Within these two months, users can choose any continuous two‑week period to deposit.

$ENA update ENA is holding above a key demand zone, which keeps the short-term bias to the upside. A clean breakout and retest of the horizontal resistance would strengthen the bullish case and open room for further upside. #Crypto #ENA https://t.co/XriM176TGu

I have no concern about advertising coins like you 😗🚀 The analyses are making money, thank God https://t.co/kcNmtXLtVj

Recently I talked with many friends about ENA, here are my thoughts: 1. From a token distribution perspective, buying tokens during the unlock period is very pressure‑filled, similar to OP and Arbitrum in 2024. 2. From a business standpoint, a $10 billion TVL is already the ceiling in the current market, and as market liquidity worsens, the required reserve ratio becomes higher, visible returns drop, creating a vicious cycle. 3. For many years, we have been expanding on‑chain DeFi pathways because results are visible quickly, but we lack breakthroughs in off‑chain adoption, turning ENA into an alternative investment product rather than a stablecoin. As on‑chain liquidity contracts, new business development stalls, and the upcoming narrative will weaken.

Seeing a lot of confusion between @BasedOneX and @hyenatrade lately. If you’re wondering what’s what, and why everyone is shilling these protocols, here’s a breakdown plus my honest take 👇 🔹HyENA is a product built by Based. 🔹So the main protocol = Based. 🔹HyENA is part of its ecosystem. >What do they have in common? - Both help you farm the Hyperliquid airdrop - Both earn you GOLD for Based’s future airdrop - Trading HIP3 pairs → possible Unit airdrop - Same trading fees >Here’s where they differ: - GOLD rewards: Based gives more GOLD per volume - Stablecoin: HyENA uses Ethena’s stablecoin + yield (Based doesn’t) - Points: HyENA gives HyENA Points → ENA rewards (NOT an airdrop) - Tokens: Based will have its own token; HyENA won’t >My experience so far: - High Fees - Based: solid, smooth trading - HyENA: order book feels green; liquidity improving but still needs polish > Referrals Now, the real reason you see these protocols everywhere: referrals. - Based: multi-level, ponzinomic vibes → 60% / 12% / 4% - HyENA: single level, 90% commission (insane!) This is why you’ll hear endless shilling. Referral farming is BIG money. >My plan? HyENA isn’t my priority yet. I’ll stick with Based for now. If HyENA’s order book improves, I might allocate some volume there. But for now → absolute priority = Based. Which one are you farming?