PART A QUALITATIVE REPORT: ENA – “DeFi Giant with Presidential Links & Stablecoins”
This qualitative report will analyze the lifetime of post-launch price action of ENA (Ethena) – the breakout defi giant protocol that took over the synthetic dollar (stablecoin) niche in 2024.
Highlighted Timeframe
Time frame of this ENA price analysis: 9/06/2024 - 12/16/2024 Data aggregators and sources used: https://coinmarketcap.com/currencies/ethena/, https://cryptorank.io/price/ethena, https://defillama.com/protocol/ethena-usde, https://defillama.com/protocol/ethena, https://coinmarketcap.com/view/world-liberty-financial-portfolio/
Since the aim of this qualitative report is to analyze the drivers of ENA’s incredibly bullish price action that followed its all time low as the market found a base in the summer of 2024, we will be focusing on the time between its all time low (9/06/2024) and its subsequent prolonged rally to all time high (12/16/2024). Throughout this time, ENA increased +585.57% from $0.194 to $1.33 (sourced from https://coinmarketcap.com/currencies/ethena/). Below is a screenshot of the highlighted timeframe of ENA price action on the 1D chart that we will be analyzing in this qualitative report (9/06/2024 - 12/16/2024): Link to ENA 1D Chart Screenshot: https://media.discordapp.net/attachments/1334336042030993480/1370318484013060139/ATF2I6k4nffbAAAAAElFTkSuQmCC.png?ex=681f1009&is=681dbe89&hm=4190c8b029be6a2076b11cda51d96e844e92c82274a38664e7276782e1776181&=&format=webp&quality=lossless&width=1032&height=441
Tokenomics
Data sourced from: https://cryptorank.io/price/ethena/vesting
Link to spreadsheet of ENA’s launch tokenomics: https://docs.google.com/spreadsheets/d/1mOckr81Sm6UCs29EdqtPLnLJAS0UmZ_vbG39oE-zdB4/edit?usp=sharing
Pie chart image of ENA’s launch tokenomics: Link to ENA tokenomics pie chart image: https://media.discordapp.net/attachments/1334336042030993480/1370326630643269693/ENA_Tokenomics.png?ex=681f17a0&is=681dc620&hm=6140d6def8d6859de63e0b822ee80eac1176d5e6f3da041ded014edbe7098375&=&format=webp&quality=lossless
Table of ENA tokenomics:
| Name | Total | Unlocked | Locked |
|---|---|---|---|
| Ecosystem Incentives | 30% | 17.50% | 12.50% |
| Core Contributors | 30% | 8.75% | 21.20% |
| Investors | 25% | 7.29% | 17.70% |
| Foundation | 15% | 5.52% | 9.48% |
Tokenomics Commentary: ENA’s tokenomics were structured to support long-term ecosystem growth but also allowed for immediate trading activity. At launch, the supply was split across four main verticals:
| Category | Total Allocation | Unlocked at Launch | Locked |
|---|---|---|---|
| Ecosystem Incentives | 30% | 17.50% | 12.50% |
| Core Contributors | 30% | 8.75% | 21.25% |
| Investors | 25% | 7.29% | 17.71% |
| Foundation | 15% | 5.52% | 9.48% |
(Source: https://cryptorank.io/price/ethena/vesting) A combined 39.06% of supply was unlocked at launch, creating substantial initial liquidity and tradability, which contributed to the early rally. However, the lack of utility for ENA beyond governance posed the classic risk of narrative detachment. The positive offset to this was that ENA’s launch phase occurred in a low-dilution market window, and users were already highly engaged due to the growing adoption of Ethena’s USDe stablecoin. Despite the unlocked float, ENA didn’t suffer from mass dumping during the rally window because of high confidence in the underlying stablecoin product and the added momentum of macro-political tailwinds. However, over longer horizons, the absence of a token sink or value accrual mechanism may resurface as a risk if narrative strength wanes. Funding and Backers
Data sourced from: https://cryptorank.io/ico/ethena
Link to funding and backers spreadsheet breakdown: https://docs.google.com/spreadsheets/d/1IIlY1re6q9jkBnx-6dXGoI1vqEcuv8y873DzpQUze10/edit?usp=sharing
Funding and Backers Breakdown Table:
| Coin | Participant | Tier | Type | Stage | Total Raise (Millions USD) |
|---|---|---|---|---|---|
| ENA | DragonFly Capital Lead | 1 | Venture | Private Token Sale Extended Seed Seed | |
| Polychain Capital | 1 | Venture | Private Token Sale | ||
| Pantera Capital | 1 | Venture | Private Token Sale | ||
| YZi Labs (Prev. Binance Labs) | 1 | Incubator | Undisclosed | ||
| Delphi Ventures | 1 | Venture | Seed | ||
| Galaxy | 1 | Venture | Extended Seed | ||
| OKX Ventures | 2 | Venture | Seed | ||
| GSR | 2 | Venture | Seed | ||
| Hashed Fund | 2 | Venture | Extended Seed | ||
| CMT Digital | 2 | Venture | Seed | ||
| Mirana Ventures | 2 | Venture | Seed | ||
| Wintermute | 2 | Venture | Seed | ||
| Nascent | 2 | Venture | Seed | ||
| MEXC Ventures | 2 | Venture | Strategic | ||
| Maelstrom Lead | 3 | Venture | Extended Seed Seed | ||
| HTX Ventures | 3 | Exchange | Seed | ||
| Foresight Ventures | 3 | Venture | N/A | ||
| Castle Island Ventures | 3 | Venture | Extended Seed | ||
| Brevan Howard Digital | 3 | Venture | Extended Seed | ||
| Strobe (Prev. BlockTower Capital) | 3 | Venture | Seed | ||
| Franklin Templeton Investments | 3 | Venture | Private Token Sale Extended Seed | ||
| Gemini | 3 | Exchange | Seed | ||
| Faction | 3 | Venture | Seed | 136.5 |
Grand Total Funding: $136.50 Million
Funding and Backers Commentary: Ethena’s rise was significantly underwritten by one of the most deep and diverse funding rosters in recent crypto history. In total, $136.5M was raised across seed and private token rounds, with participation from: Tier 1 Funds: Dragonfly (Lead), Polychain, Pantera, Delphi, Galaxy, YZi Labs (Binance), OKX Ventures
Market Makers/Exchanges: Wintermute, GSR, MEXC Ventures, Gemini, HTX
Institutional Funds: Franklin Templeton, Brevan Howard Digital
What’s notable is not just the size of the capital raise but the broad market representation it captured—spanning DeFi-native VCs, global market makers, and even traditional finance players. This allowed Ethena to achieve cross-audience legitimacy very quickly.
While these backers played a mostly passive role during the public token rally, their early involvement gave confidence to the broader market, particularly during the politically sensitive period when World Liberty Financial made its publicized ENA purchases. The perception of institutional endorsement was already established long before those headlines hit.
Narrative
Between September 6, 2024, and December 16, 2024, ENA surged +585.57%, from $0.194 to an all-time high of $1.33. This wasn’t the result of speculative mania or unsustainable hype. Rather, ENA’s explosive rally was rooted in a rare and powerful combination of product-market fit and macro-political narrative alignment, summarized in two words: President, Stablecoins.
Launched in March 2024, ENA entered a crowded DeFi field at an opportune time. Early-stage bull market conditions meant reduced token launch dilution and a strong appetite for new utility protocols. ENA capitalized on this perfectly with a fully diluted valuation of $2B shortly after launch (source: https://coinmarketcap.com/currencies/ethena/).
But what truly separated ENA from its DeFi peers was its flagship stablecoin, USDe. By Q4 2024, USDe had quickly become one of the most trusted synthetic dollar products in crypto, with its adoption soaring across ecosystems. Today, just under two years since its debut, USDe is the 5th largest stablecoin by market cap, trailing only USDT, USDC, USDS, and DAI, with over $4.6B in issued supply. Ethena’s product offered users what few DeFi protocols have managed to: stable, accessible yield backed by a functioning, high-trust platform.
At the same time, global attention around stablecoins surged. Institutional entrants like PayPal’s PYUSD and an uptick in mainstream curiosity drove increased traffic and user interest. Google Trends data during the rally period confirms rising search interest in "stablecoins" (source: https://trends.google.com/trends/explore?date=2024-09-06%202024-12-16&q=stablecoin&hl=en). Screenshot of stablecoin rising interest chart on Google Trends:
Link to Google Trends screenshot: https://media.discordapp.net/attachments/1334336042030993480/1370326979374743573/image.png?ex=681f17f3&is=681dc673&hm=ebbd588d97bcf3b89e0c224c5bd5867dcb956969e333ef52695fb56fa03582c2&=&format=webp&quality=lossless&width=1032&height=388
Then came the wildcard: U.S. politics. In the run-up to the 2024 U.S. presidential election, World Liberty Financial, a digital asset fund tied to the Trump brand, began assembling a portfolio of politically aligned digital assets. ENA became one of its cornerstone tokens.
Notable events include:
December 14, 2024: A $500K ENA purchase by World Liberty Financial (https://x.com/lookonchain/status/1868103494470861299)
January 19, 2025: A $4.7M follow-up purchase (https://x.com/arkham/status/1881352764640412028)
The Trump association transformed ENA from a high-performing stablecoin protocol into a symbol of institutional crypto alignment. This alliance offered not just optics, but a speculative promise: that ENA might play a central role in a potential U.S.-endorsed crypto economy. Price action data underscores the strength of this narrative edge. During ENA’s 3-month rally: ENA: +294% AAVE: +228% CRV: +76% COMP: +49% EIGEN: +36% LDO: -13% MKR: -49% BTC: +62% (source: https://www.tradingview.com/x/2bbNnrRa/)
Screenshot of chart comparing ENA performance to similar coins its its niche during the highlighted timeframe:
Link to comparison screenshot: https://media.discordapp.net/attachments/1334336042030993480/1370326042627014716/image.png?ex=681f1713&is=681dc593&hm=b87a187268ca2be958636cb3f43d50388672c835ef935d95f4009462fd1e1a93&=&format=webp&quality=lossless&width=1032&height=598 Even if we hypothetically strip away the political narrative, ENA’s success in the stablecoin category—backed by $6.1B in all-time high TVL and a current $4.648B TVL (source: https://defillama.com/protocol/ethena-usde)—was narratively differentiated enough to outperform. Its adoption story offered the rare combination of: Institutional trust Yield sustainability Scalability across market conditions Key Insight: ENA thrived by aligning product success with macro narrative currents. In a bull market defined by capital rotation into utility with narrative fuel, ENA became the apex example of what happens when speculative imagination (political association) and real usage (stablecoin dominance) intersect Overall Qualitative Final Conclusion ENA’s run from $0.194 on 9/6/2024 to $1.33 on 12/16/2024 (+585.57%) was not just one of technical success—it was a masterclass in narrative and market alignment. Two driving forces made it work: Clear, verifiable product-market fit (stablecoin USDe + DeFi platform)
Timely and culturally resonant speculative narrative (Trump-linked World Liberty Financial support)
In contrast to other DeFi coins that were fundamentally strong but narratively stagnant (e.g., AAVE, MKR, LDO), ENA actively tapped into the speculative instincts of the market. The stablecoin angle made it relatable. The political angle made it exciting. Together, they created a potent blend of belief and attention—two of the most valuable assets in any bull cycle. ENA didn’t just launch in a good environment; it created an identity that transcended its code. It spoke to both institutional and retail audiences. It had a product users could understand and interact with. And above all, it cultivated hope—that its stablecoin and political alignment might grant it long-term staying power in an increasingly uncertain macro environment. Key Lesson: Narratives that intersect with global political optics and trusted financial instruments can turbocharge fundamentally sound projects—ENA is proof that narrative amplification is just as vital as product quality in altcoin markets.
Qualitative Scoring Mechanism – ENA Methodology This scoring approach mirrors that used across the broader series (e.g., MOVE, ARB, TIA, STRK, GRASS, ZK, EIGEN). Scores are distributed across three core qualitative pillars: Pillar Weight Tokenomics 30% Funding & Backers 30% Narrative 40%
Narrative receives the heaviest weight given its dominant role in determining long-term price resilience and speculation potential in modern crypto cycles.
| Category | Weight | Sub-Criteria | Score (out of 10) | Notes |
|---|---|---|---|---|
| Tokenomics | 30% | Distribution fairness | 6/10 | Balanced, but unlock risk present |
| Emissions & dilution risk | 7/10 | Managed well during early cycle; long-term unknown | ||
| Utility & value accrual | 5/10 | No clear accrual mechanisms | ||
| Funding & Backers | 30% | Quality & reputation | 10/10 | Top-tier funding and institutional alignment |
| Capital scale & structure | 9/10 | Deep, diversified raise across verticals | ||
| Narrative leverage of backers | 7/10 | Backers passive, but effective through perception | ||
| Narrative | 40% | Timing & macro fit | 10/10 | Perfect launch environment |
| Cultural resonance & speculation | 9/10 | “President + Stablecoins” narrative perfectly tuned | ||
| Narrative stickiness | 8/10 | Sustained interest via USDe + political tie-ins | ||
| Narrative differentiation | 9/10 | Outperformed competitors through story uniqueness |
Final Qualitative Score: 80 / 100 Summary: ENA’s surge was not accidental—it was engineered through timing, trust, and targeted narrative hooks. This report ranks ENA among the top qualitative performers in the 2024 altcoin class, offering a blueprint for how strong fundamentals + strategic myth-building can produce exponential price results.