Quarterly Altcoin Spotlight: Synthetic Dollar Leader Trades 94% Off Its High as a Diversified Yield Engine Sets Up the Comeback Trade

Ethena burst onto the scene in early 2024 with one of the most ambitious ideas in decentralized finance: a scalable, yield-bearing, crypto-native dollar backed by delta-neutral trading strategies rather than banks. USDe reached nearly $15 billion in TVL at its peak. The bear market has been brutal — ENA is down roughly 94 percent from its all-time high — but the desk has initiated a position, and the reason is that the underlying engine looks very different, and more durable, than it did at launch. Here is the case: