It’ll shock no one that I’m pitching ENA. I’ll start by reiterating the high-level thesis, before talking about the 3 most important short/medium-term catalysts I see coming.

Thesis: a better dollar

Stablecoins are undeniably crypto’s biggest killer app outside Bitcoin/SoV. TradFi understands this and is fully stablecoin pilled, as seen by the success of the Circle IPO despite being a terrible business, and the fact that Tom Lee’s main marketing line for Ethereum is “the stablecoin chain”.

The Ethena thesis is brutally simple: a dollar with a yield is a structurally better product than one without it. Ethena’s sUSDe has consistently proven to be the highest yielding dollar product:

The market agrees, and Ethena has rapidly grown