#合成美元稳定币协议ENA会是下一个LUNA吗?

There is still a difference between ENA and LUNA, ENA is not bound to its algorithmic stablecoin USDE.
Ethena Money Making Logic:
1. Suppose we invest $1,000 of stETH, and after deducting various hedging and operation costs, we can mint $1,000 USDe.
2. Then Ethena will automatically open an equal amount of ETH on a centralized exchange (CEX) to U ($USDT or $USD) perpetual contract short position to hedge.
3. The stETH we put in will not be thrown directly at CEX, but will be transferred to custodians such as Copper, CEFFU, and Cobo, so as to avoid those troubles, such as asset misappropriation or CEX explosion.
4. There are two ways to continue to make money in this operation, and it will also be given to the pledged USDe (sUSDe) as a reward:
5. The annualized yield of staking PoS on Ethereum is about 3.2%, and the income of staking PoS is relatively fixed, ensuring a most basic and stable income.
6. There is also the funding fee and basis spread obtained from delta hedging those derivatives positions, and the annualized return can be 5 to 30%