ENA's unlock-day selling fear was largely priced in, and supply pressure is easing as recurring investor unlocks end. The foundation bought out locked positions of large investors who had been selling, bar one wallet, and investor unlocks end now rather than in March 2028. USDe kept growing after ENA incentives ended. Buybacks taking 5% of gross revenue start at $7.5 billion of USDe supply, versus about $4.91 billion now, so growth still has to do the work. x.com 

Ethena's token could start capturing the protocol's fees if a live governance vote approves programmatic ENA buybacks once USDe supply reaches $7.5B, from about $4.04B now. Ethena earns about $183M in annualized fees, yet almost none reaches ENA, leaving it near 9x price-to-fees but about 4,900x price-to-sales. Equity-perp basis trades, a roughly $6B open-interest market paying 15-20% funding, give USDe a second way to scale. ENA is up 104% this month, so some of this is priced in. x.com 

Ethena's ENA token looks stretched relative to current earnings, even if USDe itself is solvent and functional. A post the author replies to notes that the delta-neutral share of USDe backing fell from 93% at the start of 2025 to 11%, funding rates compressed, and sUSDe's yield dropped from 27% at the peak to 3.20% as the protocol pivoted to institutional lending. A sound stablecoin does not make the token cheap. x.com 

StablecoinX gains exposure to Ethena Pay's potential fee-switch income through ENA. At 10M Pay users with $2,500 average balances, the model shows $250M a year in fees; it is early and faces a crowded market. Ethena's credit-arbitrage strategy has generated $1bn of profit with LP capital and very small risk above T-bills. ENA takes 20% carry above a market-implied, noncontractual LP preferred return; capacity is growing but not unlimited. x.com  x.com 

Ethena's ENA may rally after its final investor unlock once the market realizes there will not be much selling impact. The unlock follows Ethena's big buyback and fee switch announcement. x.com 

Ethena's limited 12% vault makes Luna comparisons unconvincing. It is capped at 4.5 million and restricted to Pro and VIP users; ENA's fear-driven dip should look like a free buying opportunity in a few days. x.com 

Ethena's expansion of its basis trade into equities could power a comeback. Per Ethena, Binance is its first venue for extending the trade to equity perpetuals, widening the collateral market from $2.5 trillion of crypto to $150 trillion+ of real-world assets. Binance equity basis has averaged about 11%+ annualized over six months, open interest has grown about 30% a month over the last three, and Binance gives eligible delta-neutral accounts lower auto-deleveraging priority. x.com 

Ethena is one of the most reflexive assets as yields return: more trading lifts yields, which drives growth of its USDe stablecoin. Its Binance partnership extends the basis trade into equity perpetuals, which Ethena says expands its collateral market from $2.5 trillion of crypto to over $150 trillion of real-world assets. USDe is one of only four stablecoins with real scale and distribution, and most liquid allocators are meaningfully underweight after excessive bearishness in 2025-26. x.com  … Show more

A deeper, more liquid perpetual-futures market should expand Ethena's USDe funding reserves, making StablecoinX the best risk/reward way to gain exposure to securities tokenization and growing perps. ICE and trade[XYZ] plan a dedicated U.S. market, subject to CFTC approval. StablecoinX's updated fully diluted NAV is $20.41 versus a $9.15 share price, a 55% discount. x.com  x.com  x.com 

Ethena is the highest-conviction pick in this altcoin basket, followed by Worldcoin with good conviction. Plasma's dead-cat bounce can be sharp, LayerZero's team will eventually run out of tokens to sell, and DoubleZero is a crime-conviction bet. x.com