Athena will be the most profitable crypto project – CEO of Delphi Labs
According to Jose Maria Macedo, CEO of Delphi Labs and founding partner of Delphi Ventures, Athena Labs will be the most profitable cryptocurrency project on the market.
Athena Labs is one of the most heavily penalized bets for Delphi Ventures during this bull cycle, wrote Delphi Labs' Macedo in an April 2 blog post:
“sUSDe offers the highest dollar yield on crypto scale. USDe will be the largest stablecoin outside of USDC/USDT in 2024. Etena will be the highest-grossing project in all of crypto.
Athena Labs became the top-grossing decentralized application (DApp) in crypto on March 8 when it delivered a 67% annual percentage yield (APY) on USDe. On February 19, Athena released the USD synthetic dollar on its public network.
Ethena US Dollar Synthetic Dollar is currently offering 35.4% API to more than 118,000 users, according to its homepage.
Following the release of the April 2 Athena Labs airdrop, the CEO's predictions distributed $450 million worth of Athena (ENA) tokens among eligible wallets.
According to Arkham Intelligence, the largest recipient of the airdrop received nearly $2 million in ENE tokens.
Related: Athena Labs Founder Explains USD Stability Amid High Yield Stress
Could USDe be the third largest stablecoin by 2024?
The USDE synthetic dollar is currently the seventh largest asset among stablecoins with a market capitalization of $1.9 billion, according to CoinMarketCap data.
To topple the third largest stablecoin DAI (DAI), the USD market cap would need to rise by at least 178% to $5.3 billion.
According to Dofilama data, the market value of the USD has risen more than 21 percent in the past 24 hours and 165 percent in the past month to $1.89 billion.
According to Delphi's Macedo, the stable coin market is a $100 billion industry in which Athena has introduced a new competitive trading platform, opening up its future growth.
“In my view, USDe is the most scalable fully collateralized stablecoin ever created. It is not fully decentralized, nor will it ever be, but it sits at a very interesting point on the trading spectrum.”
Related: How High Can Bitcoin Go? New BTC price forecast sees cycle high at $180K
