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Ethena

ENA#61 by market cap

Not covered. The criterion it missed: documentation found but no public code repository listed.

Hot: exchange listing, etf or institution
#4of 15 stablecoin issuersthe typical one is worth $70.74M#60of all coins by sizeworth $1.42B today33%of the supply still to come4.9B coins can still reach the market113.94Kpeople keep it on a watchliston CoinGecko, a measure of attention

Ethena is for stablecoin issuer. We have not written its record yet, so its promises are not checked. It trades at $0.1405, #60 of all coins by size, 91% below its highest ever price.

This week in the news: ETF or institution, exchange listing.

A real job, real backing. No dated promises on its pages. Nothing dated ahead. #4 of 15 stablecoin issuers. Nothing to be careful of on the record.

Is it real?

3 of 4tests passeda real job, real backing, something ahead, room to grow
1named backersDragonFly Capital
2 yearson the marketsince 11 April 2024
113.94Kpeople watch iton CoinGecko lists
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3 of 4

  • ✓A real-world jobReal-world purpose: stablecoin issuer
  • ✓Real backingBacking: backed by DragonFly Capital; trades on Coinbase, Crypto.com, Kraken; worth $1.42B
  • ✓Something aheadAhead: news this month about partnership, banks, tokenization
  • –Room to growWorth at least four times less than the biggest coin doing the same job, so the gap is real, not a guess.

Backed by DragonFly Capital

  • Origin11 April 2024about about 2 yearsethena.fi, Whitepaper
  • DevelopersNot namedNeither Wikidata nor its listing names the foundersNo public code repository listed
  • BackingDragonFly CapitalInvestor tags from CoinGeckoListed on Coinbase, Crypto.com, Kraken, Bitstamp
  • Standing on the recordNo recordNo dated promise to judge yet134 headlines last month, 3 about government113,941 people keep it on a CoinGecko watchlistNo corrections needed so far
The gap, and what to do

It is already worth more than the typical coin in Stablecoin Issuer ($70.74M). To match the leader, Aave ($1.95B), its price would need to rise 38%, to about $0.1936.

Still to check

  • No dated promise on record yet, so delivery cannot be judged
  • Years younger than the group's leader

What to do Nothing dated is ahead and nothing has been delivered on record. There is no event to wait for yet, which is itself the answer.

A gap is not a forecast. Most small coins never close it. The site never picks.

Four tests, printed. Passing all four means a real job, real backing, something ahead, and a price far below the leader of its group. A filter on facts, never a verdict.

Every line has a source: the coin's own listing, CoinGecko's tags, the record, or the news feed. Reputation here is a count, never an opinion.

Does it deliver?

No dated promise has been found on the pages this project publishes. Its pages are saved every night, so anything it commits to from now on appears here.

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Every line is quoted from the project's own pages, with the copy we stored and, where one exists, the article that reported it

What is next, and when?

Nothing dated has been found on its pages, so there is no date to wait for yet.

How big is it next to its rivals?

#4of 15 stablecoin issuersthe typical one is worth $70.74M
$1.42Bworth todayprice × coins out
$70.74Mthe typical rival is worthStablecoin Issuer
$1.95Bthe leader is worthAave
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Only coins within a hundred times its worth; a coin a thousand times bigger is another world

Stablecoin issuer

26 coins tagged Stablecoin Issuer, worth $7.84B together. #4 of 26 by worth.

Stablecoin Issuer: this coin against its direct competitors

  • CoinWorth, as a barWorthAgainst this coinToday, and the gapSupplyPromises
  • Ethena$1.42Bthis coin−1.0%67% outno record
  • Aave$1.95B1.4× bigger, +$535.28M+0.2%, gap +1.296% outno record
  • World Liberty Financial$1.82B1.3× bigger, +$403.59M+0.2%, gap +1.232% outno record
  • Sky$1.47Babout the same size−0.3%, gap +0.7100% outno record
  • Curve DAO$543.04M2.6× smaller, −$874.68M−0.5%, gap +0.551% outnone dated
  • Telcoin$156.32M9.1× smaller, −$1.26B−0.1%, gap +0.999% out0 of 1 delivered
  • USD.AI$81.97M17.3× smaller, −$1.34B−2.1%, gap −1.120% out0 of 1 delivered
  • Unitas$72.34M19.6× smaller, −$1.35B−3.8%, gap −2.822% outno record
Same job, different how

Stablecoin Issuer: this coin next to Aave, the biggest rival within reach. People go to the bigger coin unless the smaller one does something it does not.

Ethena says
.
Aave says
Aave is a decentralized money market protocol where users can lend and borrow cryptocurrency across 20 different assets as collateral.

Two claims, side by side, in their own words. Whether the difference is real is for the record to show over time, and for you to judge.

What it is

No description on file.

Problem it says it solves: stablecoin issuer. 26 coins are working on it and together they are worth $7,841,316,245. This coin is 18% of that.

Where it trades: Coinbase, Crypto.com, Kraken, Bitstamp, Binance

Each bar is a coin's worth today (price × coins out), longest first. The lit bar is this coin; grey bars are the others doing the same job.

Bars are market cap. Order is size, nothing else. Differences are measured from the coin you are looking at.

What should make me careful?

Nothing printed today

None of the six tests fails. A missed promise counts only on a record a person has checked.

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The tests: nothing to hold it for, more missed than delivered, priced ahead of its record, half the supply still to come, rivals ship while it does not, a big release of coins soon.

The homework: the coin itself, the news, the record

The coin itself

$0.1405price of one−1.0% today
91%below its highest ever$2 on 11 April 2024
67%of the supply is out10.1B coins
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The last 7 days

7 days ago: $0.1621now: $0.1405 (−13.7%)

Where today sits against its highest ever price

$0.1405

Highest ever: $1.52 on 11 April 2024. Today is 9% of that.

67%

of all ENA that will ever exist is already out in public hands: 10.1B coins.

33% (4.9B coins) is already created but not in public hands, held by the project or locked in escrow. That is a large share, though not a majority. Those coins can be sold later, which can push the price down.

out held back. Each dot is 1%.

A vote, nothing more by itself

Holders vote on how the project runs. The coin does not pay for anything on its own.

  • A vote on how the project is run
$0.1405price of one
×
10.1Bcoins out
=
$1.42Bworth today, #60 of all coins

That is all a market cap is: today's price times the coins in public hands. It moves every time the price does. It says what buyers are paying, not what the coin is worth.

Basics
  • 67%of the maximum supply is in circulation: 10.1B of 15B.
  • 4.9Bcoins still to be released, 33% of the maximum. Releases can add selling pressure.
  • 1.5×fully diluted value versus today's market cap. The gap is coins not yet released.
  • 9%of its all-time high of $1.52 on 11 April 2024. That is −90.7% from the top.
  • #60by market cap, $1,417,723,944.
  • Not checkedwho holds the most coins, and how much has been burned. Those need on-chain data this site does not read yet.

Supply and value figures from CoinGecko, refreshed hourly. Not part of the record.

Real use, in dollars
  • $5.15B is locked in it right now

From DefiLlama, refreshed nightly. Fees are what people paid to use the thing; value locked is what they trust it to hold. Facts, not a score.

What the news says

134headlines, last monththat name this coin
3about governmentregulation, courts, central banks
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Headlines per day, last 30 days

134 headlines named this coin in the last month.

What they were about

  • Price28
  • Upgrade18
  • Banks12
  • Unlock11
  • Stablecoin8
  • Treasury3
  • Partnership2
  • Tokenization2
In the news
What people are talking about, last month:

134 headlines in the last month.

Headlines are the publishers' own. News is never placed next to price.

The record itself

Not covered. The criterion it missed: documentation found but no public code repository listed.

Pages savednot yetno roadmap page found
Promisesnone yetno record drafted
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Six facts, the project's own replies, its peers, contract facts, references and every stored copy