$ENA and $USUAL , both are involved in RWA stablecoins, but upon comparison, the differences are quite significant!
In simple terms, ENA has created a fund management team that guarantees profits. They invest money into arbitrage strategies that are guaranteed not to lose, providing real profits for USDE holders.
They earn management fees from these funds and charge some fees when minting and redeeming USDE, similar to the buying and selling fees of the fund.
This steady income might be shared with token holders in the future.
The prospect of such dividends, along with their sustainable profit strategies and high income, gives ENA its valuable backing.
In contrast, USUAL lacks stable income sources; initially, the price was high, many staked, and people were willing to exchange US Treasury yields for more valuable tokens, then sell them to new investors.
However, if no new retail investors or fresh capital come in, this token could collapse, continuously declining until it becomes worthless.
To put it simply, ENA focuses on long-term, stable profits, while USUAL resembles a bubble that relies on continuous new capital to sustain itself, posing a greater risk.
