Ethena is the hottest new stablecoin project. It has quickly grown its supply to $500+ million and is on track to reaching the goal of $1 billion by March 2024.
Following the current meta, Ethena is incentivizing the use and growth of its protocols through points.
We estimate the price and value of Ethena shards using back-of-a-long-napkin math. We find that they are priced between our bearish and base cases.
