ENA has been under pressure since its earlier highs, tracing a similar pattern to 
ETHUSD logically, but recent developments and a potential bottoming pattern have caught my attention.I’ve been actively trading
ENA myself and have noticed a promising uptrend forming since the daily chart signaled a bottom, followed by the 3-day timeframe triggering a rapid surge when 
ETHBTC started trending up not long ago (https://tradingview.sweetlogin.com/x/jWIAqeKC/). Now, a larger weekly signal might be on the horizon, which matches
ETHUSDT and 
BTUSDT chart developments. Once this signal fires, which could happen next week onwards, the probability of triggering a monthly signal with 600% to 4900% upside targets from here will be quite high.Why
ENA? A Quick Technical Overview of Ethena
Ethena is a synthetic dollar protocol on Ethereum, offering USDe and USDtb, crypto and treasury-bond backed stablecoin alternatives to fiat-based stablecoins like USDT or USDC.
USDe maintains its dollar peg through crypto assets paired with short futures to hedge volatility and earn the future funding rate (when positive) as revenue for the protocol, providing a decentralized, globally accessible savings tool called the "Internet Bond."
USDtb is backed by high quality short duration treasury assets including BlackRock's BUIDL fund exposure.
The
ENA token enables governance and value capture. Staking it gives you partner project airdrop points as well as points for Ethena Season 4 airdrop that is coming out this year as the protocol expands.Bullish Catalysts and News
*Airdrop farming for holders of
ENA: Season 4 will run until September 24th 2025.You can earn multiple airdrops by holding staked ENA and locking it or using Pendle to do liquidity provision (keep YT mode on) or buying YT tokens if you want to take a leveraged airdrop farming (high risk/high reward). I mainly do LP with my holdings. Season 3 airdrop was quite good, I expect Season 4 to be even better as prices are likely to go much higher long term.*On November 15, 2024, Ethena agreed to share a portion of its approximately $200 million in protocol revenues with tokenholders, which includes buying back its native ENA tokens. This initiative is part of a broader trend among DeFi protocols to enhance token value through revenue-sharing mechanisms like buybacks and fee switches. Ethena’s revenue, primarily from minting, redemption, and yield-generating mechanisms tied to its USDe stablecoin, supports this program, with the protocol recently achieving a daily revenue of $3.28 million. Additionally, Ethena plans to enable a fee switch to share revenue directly with ENA stakers once certain conditions are met, further aligning tokenholder incentives with protocol growth.
Best of luck!
Cheers,
Ivan Labrie.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.