ENA has risen wildly recently! It surged from $0.194 at the end of September to $1.33, a 600% increase in two months. The reason behind this is quite interesting—there are two projects in the Ethena ecosystem that are going to airdrop to sENA holders, including Ethereal, which plans to airdrop 15% of the token supply.

What’s the background of this Ethereal project? In simple terms, it aims to create a "one-stop trading platform" within the Ethena ecosystem. You can do perpetual, spot, leverage, lending, and even options forecasting inside, and you can earn stable returns with sUSDe. The core selling point is to learn from Hyperliquid—integrating the fragmented DeFi experience into a smooth operation like a centralized exchange, while maintaining complete decentralization.

There are also some technical details: to eliminate the gas signing step, users do not need to sign or pay gas for each transaction individually. The mainnet is expected to go live in Q1 2025, starting with perpetual contracts, followed by the gradual addition of margin, lending, and spot trading.

Ethena's ambitions are not small—USDe's supply has approached 6 billion dollars, and the 28% yield is also quite attractive. Coupled with the partnership with BlackRock to launch a new stablecoin USDtb to hedge against negative financing costs, the entire ecosystem is rapidly expanding. Some even predict that USDe will eventually surpass USDT to become the largest dollar stablecoin, and this logic still holds.