Ethena has been in the spotlight of crypto’s public opinion, sparking debates around its impressive growth. For some, Ethena’s ability to tokenize a carry trade is putting an end to DeFi’s ongoing cycle of pseudo-innovation. For others, the ambition to continue growing into the billions might introduce systemic risks for the entire industry. Regardless of these polarizing views, Ethena boasts one of the most ambitious roadmaps in DeFi and has already climbed to the top of the leaderboard in terms of revenue generated.

Source: kaito.ai – Ethena’s mindshare has been an effective leading indicator of $ENA’s price action.

Critics often draw attention to the risks associated with Ethena, yet we argue that this perspective overlooks the broader picture. In assessing Ethena, it is essential to adopt an expected value (EV) framework, considering both potential risks and rewards.