Standard Chartered Sees ENA Token at $2 by End-2028

A recent forecast from Standard Chartered suggests that Ethena's ENA token could reach $2 by the end of 2028.

The target is based on the protocol's revenue model, which relies on a synthetic-dollar product called USDe. USDe uses crypto collateral and short futures hedges to reduce directional risk.

Ethena's growth depends on its ability to attract and retain dollar balances, as well as generate revenue through funding, staking, and other income sources.

The fee-switch proposal provides a possible value-accrual route for ENA holders, but the scale of any buybacks would depend on revenue, milestones reached, and governance steps taken.