José Maria Macedo, CEO of Delphi Labs and founding partner of Delphi Ventures, predicts that Ethena Labs will emerge as the highest revenue-generating cryptocurrency project in the market.
According to Macedo’s blog post on April 2, Ethena Labs is considered one of the most promising bets for Delphi Ventures during the current bull cycle.
Ethena Labs gained attention on March 8 by offering a 67% annual percentage yield (APY) on its USDe synthetic dollar. USDe, launched on Feb. 19, is currently providing a 35.4% APY to over 118,000 users.
On April 2, Ethena Labs initiated an airdrop distributing $450 million worth of ENA tokens among eligible wallets. The largest recipient received nearly $2 million worth of ENA tokens.
Despite currently ranking as the seventh-largest stablecoin, with a $1.9 billion market capitalization, USDe aims to become the third-largest stablecoin by flipping Dai. This would require its market cap to increase by at least 178% to surpass $5.3 billion.
Macedo believes that USDe introduces a competitive new tradeoff in the stablecoin market, positioning itself for future growth. While not fully decentralized, USDe is viewed as the most scalable fully collateralized stablecoin ever created, offering an interesting tradeoff between decentralization and scalability.
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