ethenapay

From the perspective of product logic, what potential impact Ethena Pay may have on $ENA

➤ If a subscription plan requires locked tokens, it doesn’t necessarily have anything to do with sENA

Locked ≠ Staked

They require different token needs. That means the value from the existing ecosystem airdrop rewards continues to be captured by sENA, while the related entitlements paid by $USDE are captured by Locked ENA.

Thinking it through carefully, this possibility is quite high.

According to the usual practices of most crypto payment cards, the Ethena Pay account will most likely create a self-custody address. In other words, even if you’re an existing user of @Ethena Labs , you probably can’t use the original address to manage Ethena Pay.

As a result, it would be clearly separated into:
One address for ecosystem protocol use, and one address for crypto payments.

➤ Specific conditions for locked staking rules

Next, there may be concrete requirements for locking, such as:

1. Locking duration
2. Locking amount
3. Whether it can be used as collateral

Taking Plasma as an example, it requires a certain number of $XPL locked tokens, and the lock-up period lasts a full year.

This would also affect how users evaluate the token—its future volatility and direction—and whether it’s worth locking tokens in exchange for upgraded card/account benefits during that period.

Another possibility is: if the locking rules are amount-based—say, a certain amount of ENA—then if the price drops, would users need to top up in order to maintain their account level?

The third point is relatively uncommon, but not impossible: whether locked tokens can be used as collateral to borrow assets from DeFi—for example, borrowing via Aave.

➤ The cash-back cap: does it reflect retail demand or merchant demand?

Finally, as I mentioned in my previous post: if the cash-back cap is executed according to the currently circulated version, then I’d say Ethena is effectively bringing merchants into the target user group as well.

In general, a scale where an average retail user spends and receives cash back of more than $4000 per month— even in high-spending countries in Europe and the US—may not be that likely.

That means the upgrade needs for Pro & VIP may actually correspond more to merchants and users with large purchase demand. Then we need to evaluate whether these groups would be willing to bear the risks of long-term token holding.

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With the current situation in which access is still unavailable in several major regions, the related proposals and measures may still undergo significant changes.
#Ethenapay #ENA

$$ENA Have you heard of #Ethenapay ? This is the newest app from the Ethena project, aiming to integrate traditional financial system platforms with the crypto universe, associated with returns through #Stablecoins mainly $USDE . Don’t miss out! Download the app #ethenapay

#ethena #ENA #Ethenapay
Very interesting news for ENA holders:
Ethena launched EthenaPay!
This is a money app built around USDe, allowing users to store, earn, send, and spend digital dollars from one place.

Card:
Visa acceptance at 130M+ merchant locations
4% / 4.5% / 5% base cashback
Cashback is paid in AVAX
Up to 6% annual rewards on eligible balances
No fees for currency conversion
No fees for cross-border payments
Apple Pay support
About 50 countries

The card is issued by Third National with program management by Rain.

The #ethena acaba project has announced the creation of the EthenaPay app.
The purpose of the app is to integrate the use of cryptocurrencies into the traditional financial system, through its own credit card, and also tie passive income of 6% in dollars to the values deposited in the app, including stablecoins, which already have constant appreciation. #Ethenapay #future #earn #stablecoin

The Ethena project team continues to demonstrate increasing strength in its initiatives and innovation capabilities in the face of new challenges in the crypto universe.

The thesis is solid and should contribute to the appreciation of the native token $ENA !