tl;dr
Ethena's community has proposed using Solana and its liquid staked variants as reserve assets for backing USDe, resulting in a 17% surge in ENA price. The inclusion of Solana as a backing asset could unlock $2-3 billion in additional open interest, allowing Ethena to scale USDe further. The ENA pric...
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Ethena's community has proposed using Solana and its liquid staked variants as reserve assets for backing USDe, resulting in a 17% surge in ENA price. The inclusion of Solana as a backing asset could unlock $2-3 billion in additional open interest, allowing Ethena to scale USDe further. The ENA price surged 17% to $0.39, pushing its market cap above $1 billion.
In the latest development, the Ethena community introduced a new proposal that seeks to use Ethereum’s Layer-1 competitor Solana as a reserve asset for its synthetic dollar USDe. This development has sent the Ethena (ENA) price soaring by another 17% today to $0.39 thereby taking its market cap above $1.06 billion.
Earlier today, the Ethena community introduced a new proposal for backing its synthetic dollar USDe. Interestingly, this Solana-backing mechanism proposal from Ethena is similar to the hedging mechanism employed by Ethena for BTC and ETH perpetual futures. In addition to SOL, the proposal suggests adding Binance Liquid Staked SOL (BNSOL) and Bybit Liquid Staked SOL (bbSOL) as eligible backing assets for USDe.
The inclusion of Solana-backing can boost the Ethena Finance protocol revenue through SOL funding rates while unlocking $2-3 billion in additional open interest. This will allow Ethena to scale USDe beyond its current supply of $2.5 billion and thus cater to the market demand.
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Technical Analysis Report
Summary:
After conducting a thorough analysis of the market charts and various technical indicators, it is evident that the stock is currently at a critical support level. The Relative Strength Index (RSI) is displaying a bullish divergence, indicating a potential reversal in the near term. Additionally, the moving averages have recently formed a bullish crossover, further supporting the likelihood of an upward price movement. However, it is essential to remain cautious as the stock is approaching a significant resistance level, which may result in a potential pullback. The Bollinger Bands are also indicating a period of increased volatility, adding to the uncertainty of the current market conditions. While the overall outlook appears optimistic, it is crucial to monitor the price action closely for confirmation of a sustained uptrend.
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Sector: TECHNOLOGY
Industry: SERVICES-PREPACKAGED SOFTWARE
Market Cap: 43,076,686,000
Dividend Yield: None
Revenue: 480,634,000
EPS: 2.901
P/E Ratio: -1.87
Current Stock Price: 201.97
52-week Change: -0.775
52-week Change %: -0.074
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General Dynamics Corporation (GD) is an American aerospace and defense corporation headquartered in Reston, Fairfax County, Virginia.
Industry Sector
Manufacturing, Ship & Boat Building & Repairing
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PE Ratio: 23.36
EPS: 5.48
Dividend Yield: 12.82
52-Week High: $164.48
52-Week Low: $78.90
Shares Outstanding: 449.46 million
Volume: 20.00 million
Revenue: $32.58 billion
Return on Equity: 20.7%
Debt to Equity: 0.18