Ethena ENA
ProtocolBasis TradingRank 41
$0.1834
+8.1% over 24h
Data as of Nov 4, 04:00 PM
Protocol issuing USDe, a synthetic dollar backed by crypto assets hedged with short perpetual futures positions. ENA is the protocol’s governance token.
Where is Ethena’s price relative to its value?
BQuality: strongEstimated fair value
Current price
Gap to fair value
The gap to estimated value is public only for the 10 largest cryptos. For this one, it is in the analysis: estimated value, temperature, value curve and 4-year scenario.
Descriptive estimate based on past data. Not a recommendation to buy or sell, nor a price target.
Price since launch
€10,000 simulator: in the full analysis.See Ethena’s gap for free
Scenario (an assumption, not a forecast)
For this crypto, the value curve and the scenario (underlying trend and 4-year cycle) are reserved: 3 analyses of your choice a month with a free account, all of them with Pro.
- Since Apr 2024
- −69%
- All-time high (Apr 2024)
- $1.46 · −87%
Where the money goes
Over the last 12 months.
- Fees paid by users$238M
- Revenue kept by the protocol$2M
No revenue is passed directly to token holders.
Key metrics
Compared with the median of other protocols.
| Metric | ENA | Median | Rank |
|---|---|---|---|
| Price / annual revenue | 2,463× | 16× | 77 of 77 |
| 1-year revenue growth | Reserved for the full analysis | −50% | Reserved for the full analysis |
| Net holder yield | Reserved for the full analysis | −7% | Reserved for the full analysis |
| 12-month dilution | Reserved for the full analysis | +13% | Reserved for the full analysis |
| 1-year volatility | Reserved for the full analysis | 93% | Reserved for the full analysis |
| Worst drop over 2 years | Reserved for the full analysis | — | Reserved for the full analysis |
| 12-month revenue | $2M | — | — |
| Current pace (3 months annualised) | Reserved for the full analysis | — | Reserved for the full analysis |
| Market cap | $2.5B | — | — |
Growth, net yield, dilution, volatility and rank in the sector: in the full analysis. See Ethena’s gap for free
BProject qualityStrong · 60/100 · regardless of priceSee details
- Real revenue13/35
$2M over 12 months
- Supply and dilution15/25
89% of tokens already in circulation, 82% more tokens per year
- Maturity13/15
2.6 years of history
- Liquidity and size15/15
Daily volume 15% of market cap, rank 41
- Price stability4/10
42 / 100
Revenue health
In the full analysis
In the full analysis
Price risk
In the full analysis
In the full analysis
Grade from A (very strong) to E (speculative) for Ethena. How it is calculated
Comparables
See the rankingSame family, similar size.
Methodology and sources
Ethena’s fair value: normalised annual revenue × usual multiple (its own, blended with its sector’s if its history is short) ÷ circulating tokens.
Gap = price ÷ value − 1. Hot above +40%, warm above +15%, mild between −15% and +15%, cold below −15%, freezing below −40%.
Project summary written by Dibagger with the help of AI, from its public descriptions (CoinGecko, DefiLlama); official links taken from the same sources.
Prices updated every 30 minutes, revenue daily, computed on Nov 4, 04:00 PM. Methodology v3. Full methodology
This information describes a situation; it is not investment advice.