$ENA and $USUAL are both RWA stablecoin projects. Recently, I saw many people comparing these two tokens together. After careful analysis, they are completely different.
The ENA project is essentially a risk-free arbitrage FOF fund manager, investing assets in risk-free arbitrage strategy funds to bring real value growth to USDE holders. The project party will then receive a certain amount of management fees from the invested funds, and the minting and redemption of USDE will also charge fees (similar to the subscription fee and redemption fee of the fund). This part of the long-term and stable income may be distributed to token holders in the future. This dividend expectation and the sustainable business model and high income of the project party have become the value basis of ENA.
The USUAL project party has no long-term stable income, but those who pledged high currency prices in the early stage are willing to use the income from US bonds to exchange for tokens with higher value to sell to the leeks who take over. Unless there are new leeks/new funds to pull the market, the token will eventually be a death spiral.
