We shared our memo on @ethena_labs with readers of @the_defi_report on 6/20
The setup and thesis were simple:
1. We're bullish ETH
2. Ethena has a reflexive relationship to ETH (in particular, ETH open interest)
3. Ethena has several tailwinds at its back: stablecoin narrative, yield-bearing stablecoin, integrations w/TradFi, roadmap catalysts (fee switch)
Not to mention, we feel strongly about Ethena's team.
We presented it as a high-risk/reward play that should provide beta to ETH
That's exactly what's playing out now (ENA up 80% since we posted our memo, ETH up 54% over the same period.
If you'd like to check out the deep dive on the project, you can do so via the link below 👇
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