Post #2366

Ethena has already distributed nearly $500M in yield since launch, which is a massive number for a product this new. The important question now is not whether demand exists, but how resilient that yield stays once leverage unwinds and funding conditions normalize. A lot of DeFi growth over the last year was built on synthetic dollar demand. The projects that survive this cycle will be the ones that can maintain usage even when the easy carry trade disappears.