Ethena Shards.xlsx

	A	B	C	D	E	F	G
1	Ethena - The Goddess of Yield
2	Messari Inc
3	Kunal Goel - Senior Analyst
4	March 1, 2024
5
6	Calculation of the value of Ethena's shards
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8	Shards	Whale Market	Bear	Base	Bull
9	Narrative		Vaults	Stablecoin	New Paradigm
10	Valuation Proxy		YFI	MKR	ONDO
11	Estimated Valuation	946,051,000	300,000,000	2,000,000,000	5,000,000,000
12	Airdrop %	5.0%	5.0%	7.5%	7.5%
13	Airdrop Value $	47,302,550	15,000,000	150,000,000	375,000,000
14	Total Shard Supply	189,210,200,000	189,210,200,000	189,210,200,000	189,210,200,000
15	Value of 1 Shard	0.00025	0.0001	0.00079	0.00198
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18	Pendle YT	Bear	Base	Bull
19	Price	0.05	0.05	0.05
20	Boost Factor	10	10	10
21	Days	15	20	34
22	Shards earned	150	200	340
23	Price of 1 Shard	0.00033	0.00025	0.00015
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27	Date	Epoch	USDe Supply ($M)	Supply Growth ($M)	Total Shards (B)	Shard Growth (B)	Shard Boost
28	29-Feb-24		580	60	54	5
29	1-Mar-24	Epoch 2 Target Met	630	50	60	6	10.0
30	2-Mar-24		640	10	66	6	5.0
31	3-Mar-24		650	10	72	6	5.0
32	4-Mar-24	Epoch 3 Begins	680	30	79	6	5.0
33	5-Mar-24		710	30	85	6	5.0
34	6-Mar-24		740	30	92	7	5.0
35	7-Mar-24	Epoch 3 Target Met	760	20	98	7	5.0
36	8-Mar-24		770	10	105	7	5.0
37	9-Mar-24		780	10	111	7	5.0
38	10-Mar-24	Epoch 4 Begins	800	20	118	7	3.0
39	11-Mar-24		820	20	125	7	3.0
40	12-Mar-24		840	20	132	7	3.0
41	13-Mar-24		860	20	139	7	3.0
42	14-Mar-24		880	20	146	7	3.0
43	15-Mar-24		900	20	153	7	3.0
44	16-Mar-24		920	20	160	7	3.0
45	17-Mar-24		940	20	167	7	3.0
46	18-Mar-24		960	20	175	7	3.0
47	19-Mar-24		980	20	182	7	3.0
48	20-Mar-24	Incentives End	1,000	20	189	7	3.0
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