Expecting an aggressive repricing ahead of Convergence mainnet, we find on ENA 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 capture, our view is that the path from protocol to full-stack ecosystem demands a monetary premium that will be reflected in token price once institutional flows start coming in. With Converge set to fuse permissionless yields and compliance rails, ENA becomes the clearest trade to wager on billions in dormant TradFi capital finally coming onchain.

Currently trading orders of magnitude below past all-time-highs, Ethena is stacking core primitives under a single economic umbrella where value is captured by ENA. With a market cap over $2B and fully-diluted valuation slightly under $6B, Ethena is about to realize its vision as a full-stack onchain behemoth. Still, this is not being reflected in price action just yet. Bringing crypto-native primitives and TradFi compliance in one venue, this is a playbook that no competitor will bother attempting to replicate. Right now the largest yield-bearing stablecoin float, it is expanding its revenue sources with an appeal to both retail and institutions by meeting them where they are and providing them with frictionless onboarding. This should translate into rising flows and direct value accrual for ENA as it builds deeper ecosystem liquidity and grows the marginal dollar paid per user, whether it is via Telegram payments or compliance SPVs.