Owning the Full Stack Dollar Economy
Expecting an aggressive repricing ahead of Convergence mainnet, we find ENA to be one of the most asymmetric opportunities available on the liquid markets. This is a high-conviction bet offering exposure to a Kingmaker in the asset issuance space. As the largest yield-bearing stablecoin, Ethena has already amassed a liquidity moat. Owning the full stack with Converge further strengthens its competitive edge. Riding network effects and purpose-built for value c...