Trader Eugene: Ethena's recent developments have exceeded expectations, and the ENA target price has been raised

ChainCatcher message, trader Eugene stated on platform X that after an increase of 1.2 billion in circulation over the past 6 weeks, the current circulation of USDe is 3.7 billion. Over the past 6 weeks, the yield of sUSDe has ranged from 10% to 25%, and Deribit has accepted USDe as collateral for stablecoins. Ethena's fee conversion proposal has also been approved, ensuring that sENA holders are the primary beneficiaries of the protocol's success. These developments have exceeded expectations for ENA from 2 months ago, leading to a higher target price adjustment for ENA.