Post #2368

Is Ethena the “Luna of this cycle” — but with or without the crash? Let’s dive: USDe has hit $5B in supply, becoming the fastest-growing USD asset in crypto. It’s now #3 in stablecoin revenue and #4 by market cap, just inches away from overtaking DAI. Since launch, it’s handled $3.3B in redemptions, stayed within 0.5% of its $1 peg, and survived multiple BTC crashes and even the biggest crypto hack. So what’s powering this rocket? Ethena offers up to 29% APY — higher than Luna’s UST ever did. But here’s the difference: The yield is sustainable and based on structural advantages: 1. Funding rate arbitrage: Ethena hedges spot positions using futures where funding rates are usually positive. In fact, 93% of days last year had positive rates. 2. Smaller reward pool: Not everyone stakes their USDe, so those who do get higher rewards. 3. Smart capital management: Ethena shifts between different yield sources like arbitrage, stablecoin strategies, and even treasury yields — depending on market conditions. 4. Efficient setup: Their custodian setup allows cross-margining, making capital usage more efficient. Also we should not ignore the fact that Ethena launched USDtb, backed by BlackRock’s BUIDL product, adding more credibility. And yes — Ethena passed a proposal to share revenue with sENA holders So what you think, ENA is luna of this cycle with or without crash ??