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Standard Chartered says Ethena's ENA could crush Bitcoin and Ethereum returns by 2028
Standard Chartered said Ethena's ENA token could beat Bitcoin and Ethereum returns by 2028. Ethena highlighted this research as USDe supply stays below the first milestone for revenue-funded token purchases.
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What happened
Standard Chartered said Ethena's ENA token could beat Bitcoin and Ethereum returns by 2028. Ethena highlighted this research as USDe supply stays below the first milestone for revenue-funded token purchases.
Confirmed
Global impact / market context
Revenue-funded token purchases mean Ethena would use its own revenue to buy back ENA, which can reduce supply and support the price. If research proves right, investors could earn more from ENA than from Bitcoin or Ethereum.
Analyst inference
USDe supply below the first milestone means those token purchases have not started yet. This delay matters because without buybacks, ENA lacks a key demand driver, while Bitcoin and Ethereum remain the default large crypto holdings for many investors.
Analyst inference
What to watch
- USDe supply staying below the first milestone means revenue-funded token purchases have not begun, so watch whether supply grows enough to start that buyback program. Confirmed
- Standard Chartered's forecast that ENA could beat Bitcoin and Ethereum returns by 2028 is a projection, not a confirmed result, so treat it as a possibility rather than a fact. Proposed
- If buybacks start and ENA outperforms, investor money could shift from Bitcoin and Ethereum into ENA, changing how crypto portfolios are positioned. Analyst inference
Affected assets
- ENA — Ethena
- BTC — Bitcoin
- DEFI — DeFi
- ETH — Ethereum