Delphi Labs’ CEO, José Maria Macedo, and founding partner of Delphi Ventures, predicts that Ethena Labs will become the leading revenue-generating cryptocurrency project in the market. Macedo expresses strong confidence in Ethena Labs, stating that it is one of Delphi Ventures’ most promising investments during this bullish cycle.
Macedo highlights Ethena Labs’ success as the highest-earning decentralized application (DApp) in the crypto industry, achieving a remarkable 67% annual percentage yield (APY) on its USDe synthetic dollar. This achievement was realized on March 8, shortly after Ethena launched its USDe synthetic dollar on the public mainnet on February 19.
Currently, Ethena’s USDe synthetic dollar offers a competitive 35.4% APY to over 118,000 users, as reported on its homepage. The CEO’s optimistic projections come in the wake of the Ethena Labs airdrop on April 2, which saw the distribution of $450 million worth of Ethena (ENA) tokens to eligible wallets. Notably, the largest airdrop recipient received almost $2 million worth of ENA tokens, according to data from Arkham Intelligence.
Ethena’s USDe synthetic dollar currently ranks as the seventh-largest stablecoin, with a market capitalization of $1.9 billion, according to CoinMarketCap data. To surpass the third-largest stablecoin, Dai (DAI), USDe’s market cap would need to increase by at least 178% to exceed $5.3 billion.
The market cap of USDe has experienced significant growth, rising by over 21% in the past 24 hours and 165% in the last month to reach $1.89 billion, as indicated by DefiLlama data.
Macedo believes that the stablecoin market is a thriving $100 billion industry. He emphasizes that Ethena has introduced a compelling new tradeoff, positioning itself for future growth and competition within the stablecoin market.
In related news, the question of how high Bitcoin can rise has emerged, with a new price prediction suggesting a cycle peak at $180K.