Ethena Labs, the developer of USDe stablecoin, raised $14 million in financing co-led by Dragonfly and Arthur Hayes' Maelstrom, with participation from Galaxy Digital, Hashed, Binance Labs, and others. Ethena is generating a 27% yield through a hedged position using stETH and perp ETH. Despite concerns about its sustainability, Ethena's USDe stablecoin is gaining popularity.
🚨PSA🚨 I don't know who needs to hear this but @ethena_labs is fundamentally broken. You can and may lose all your capital in $USDe in the future. Not only is USDe not a stablecoin, it is NOT a synthetic dollar. USDe is a structured product that has one specific investment… https://t.co/Lenb8pnp5D
Wondering how @ethena_labs' USDe works? Hear it from its founder @leptokurtic_ https://t.co/EOvAdmYsyi
Isn’t it kind of obvious that @ethena_labs will become a victim of its own success? The more popular it becomes as a stablecoin, the more it will push the funding rate negative on the perps markets it generates yield from, thereby limiting its growth as a stablecoin. What am I…
There is a lot of misinformation about @ethena_labs. I spent the last 100 hours to understand it. Nah, it's actually pretty simple. For every dollar in deposits it creates a hedged position (hold spot stETH, sell perp ETH) that generates yield. The yield comes from crypto…
A lot of people are wondering how @ethena_labs is able to generate a 27% yield on their "internet bond". Is it black magic? Are they max levered? What's the catch? To answer those questions, here's a simple explanation of where the Ethena yield comes from 🧵: https://t.co/7wk4Ebc00f
Parallel Network x Ethena We're excited to partner with @ethena_labs to bring USDe deposits and native staking to Parallel Network's omni-chain L2. https://t.co/SK5EW1jrzk
Can someone explain to me how @ethena_labs is able to generate 27% yield in simple to understand terms? Don't say delta neutral hedged position with positive funding rate because I don't know what means 😭.
Ethena is positioned to be a force in this environment. Yield comes from a combination of on-chain activity and demand to long ETH, both of which have strong tailwinds. We’re excited to back @leptokurtic_ in his vision to build this, check out my conversation with him to learn… https://t.co/bykqxnok8S
USDe stablecoin developer Ethena Labs' founder @leptokurtic_ announced in a tweet that Ethena Labs has raised a new round of $14 million in financing, co-led by Dragonfly and Arthur Hayes' Maelstrom, with participation from Galaxy Digital, Hashed, Binance Labs, and others. Ethena…