First, let's not talk about the price. After my friend convinced me to buy $ENA last time, I indeed paid more attention to the ENA ecosystem. Of course, the main reason for getting in was the story of making money from the funding rate by going long on #BTC, and I also believe that BTC's trend won't be too bad in the near future; at least there are opportunities in the first quarter.

However, my focus on USDe is not very strong. Why? Because there are too many stablecoins in the market. I have seen, used, and even researched too many stablecoins. For USDe, breaking through the blockade of traditional stablecoins is very difficult. Not to mention USDe, even the original Dai had a very tough time.

In the DeFi field, it might be a bit better, especially with Curve as a coordinator, where earning some annualized returns is still possible. However, in terms of actual utility, especially in the application of purchasing power on exchanges, there is still a lot lacking. Therefore, I have never believed that USDe would have much room for growth. However, a few days ago, @ethena_labs released an interesting change in their 2025 roadmap.

They introduced the concept of iUSDe. It's interesting because the use case of iUSDe is exactly the opposite of traditional stablecoins. Traditional USDT and USDC mainly serve as purchasing power in the crypto space, while iUSDe is specifically designed as a tool for Web2 financial institutions to earn yields in the crypto space. This is similar to what we often said in 2021, when the yield on U.S. Treasuries was only around 1%, but DeFi could easily reach 10% or even higher.

However, I have discussed with many friends that if traditional funds are allowed to come in and enjoy DeFi yields, this is also the early form of RWA. The idea back then was that to attract a large amount of capital, it must be compliant DeFi projects, and the most compliant market with the greatest prospects and strongest liquidity is U.S. Treasuries. DeFi on U.S. Treasuries is essentially RWA.

Now, ENA has reversed this by issuing iUSDe for institutional investors, allowing them to use USD to purchase iUSDe. The purchased iUSDe can earn annualized returns on ENA. Essentially, it is USDe issued specifically for institutions. This idea is quite interesting, and I believe some institutions will try to use it as a front. However, the scale of funds and the size of the user base that can be attracted will depend on Web2 users' consideration of Web3.

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