Following up on yesterday's analysis of USDE and ENA: The USDE mNAV is currently ~0.65x fully diluted (0.5x simple) and while it's been climbing over the past week, a large part of USDE's price appreciation from ~$6 to >$13 can be attributed to ENA rallying (see second image). Compared to the larger DATs, StablecoinX’s mNAV still sits well below average (data from @Blockworks). BNC, a DAT holding BNB has appreciated significantly recently, largely due its mNAV moving closer to 1 and now sitting at 0.68x. With increased interest in ENA and the recent announcement of the lockup of ENA being waived, I would not be surprised to see USDE’s mNAV move higher over the coming period.