ENA project analysis

1. Project introduction
Ethena is a synthetic USD protocol built on Ethereum that will provide a crypto-native solution for currencies that do not rely on traditional banking system infrastructure, as well as a globally accessible USD-denominated savings instrument - "Internet Bonds".

2. Investment institutions
Ethena is a project originated from the idea of ​​Arthur Hayes and led by Drangonfly. It deserves everyone's attention. In addition, from the perspective of income, Ethena combines ETH staking yield with arbitrage yield, and the funding rate will be very good. If part of its income can be shared with USDe holders in the future, it will be very popular in the crypto industry. .

3. Project Highlights

-Delta Neutral: 100% trustless crypto assets as collateral;

- Resistant to censorship: not managed by the banking system;

-Embedded Yield: Get income from stETH and basis arbitrage;

-Scalable: No need to over-collateralize.

3.ENA Overview
The total number of Ethena (ENA) tokens is 15 billion, and the initial circulation is 1.425 billion. The allocation quota for core contributors and investors is 30% (1-year lock-up), and the ecological economic development allocation quota is 25%. Ethena The foundation's distribution quota is 15%. ENA will be used to vote on governance proposals on matters related to the Ethena protocol.

4. Token release plan:

There are more than 90,000 user addresses that qualify for this air investment. The top 2,000 users with points and Pendle’s YT token holders will only unlock 50% initially, and the remaining 50% will be unlocked linearly within 6 months. In addition, 3% of the total amount of tokens in this airdrop (0.15% of the total supply) will be distributed to SchizoPosters and Redacted Remilio Babies series NFT holders.

5. Other project information:
Website: https://www.ethena.fi/
X: https://twitter.com/ethena_labs