Скачать или смотреть Ethena ($ENA) Bullish or Bearish for 2026?

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Ethena ($ENA) generated $384M in fees in 2025 — but with $700M in token unlocks hitting in 2026, is it a buy or a trap?
In this deep dive, I break down Ethena's delta-neutral stablecoin mechanism, analyze the bull and bear case scenarios, and give you my honest take on whether ENA is worth the risk at current valuations.

🔑 Key Numbers:

FDV: $3.5B
2025 Gross Revenue: $384.6M
Net Revenue (20%): $76.9M
P/E: ~100x (backward-looking)
2026 Unlocks: $700M+ potential sell pressure

📚 Resources:
Ethena Docs: https://ethena.fi
Data Sources: Artemis, DefiLlama, Dune Analytics

💬 Which case do you find more compelling — bull or bear? Drop your take in the comments!
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