Ethena Labs Predicted to Become Highest Revenue-Generating Crypto Project: Delphi Labs CEO
Summary:
Delphi Labs CEO, José Maria Macedo, predicts that cryptocurrency project, Ethena Labs, will see significant growth and become the market's highest revenue earner. Ethena Labs recently gained attention for offering 67% APY on their synthetic dollar, USDe, making it the highest-earning decentralized application in crypto. The USDe, now offering a 35.4% APY to over 118,000 users, currently ranks seventh among stablecoins by market cap. However, its market cap would need to surge by at least 178% to become the third-largest stablecoin, surpassing Dai.
Delphi Labs' CEO and Founding Partner of Delphi Ventures, Jose Maria Macedo has predicted that Ethena Labs is set to become the highest revenue-earning cryptocurrency project in the market. In a blog post dated April 2, Macedo stated that Delphi Ventures sees Ethena Labs as a significant investment opportunity during the current bull cycle. He further noted that the sUSDe, which is expected to offer the highest yield per dollar in crypto, will rise to be the largest stablecoin apart from USDC/USDT in 2024.
On March 8, Ethena Labs emerged as the top-earning decentralized application in the crypto world by offering a 67% annual percentage yield on USDe. The synthetic dollar, USDe, was launched on the public mainnet on February 19. At present, the USDe synthetic dollar is giving a return of 35.4% APY to over 118,00 users, as indicated on the homepage.
Macedo's optimistic conjectures come on the heels of the launch of the Ethena Labs' airdrop on April 2. The airdrop shared $450 million worth of Ethena (ENA) tokens among eligible wallets, with the most significant recipient receiving ENA tokens worth nearly $2 million, according to Arkham Intelligence.
Although currently ranking seventh as an asset among stablecoins, the USDe synthetic dollar, with a market capitalization of $1.9 billion, has the potential to become the third-largest "stablecoin" in 2024. To overtake the third-largest stablecoin, Dai (DAI), the market cap of USDe would need to surge by at least 178% and exceed $5.3 billion.
In the past 24 hours, the market cap of USDe has risen by over 21% and has shot up by 165% over the previous month to reach $1.89 billion, as per data from DefiLlama.
Macedo of Delphi anticipates a bright future for Ethena in the stablecoin market, a $100 billion industry, where Ethena's new offering brings in a competitive twist that will solidify its growth. In his perspective, the USDe is the highest scalable fully collateralized stablecoin ever developed. Although it isn’t fully decentralized, it holds a significant position in the tradeoff spectrum.
Published At
4/3/2024 3:05:45 PM
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