Conor Ryder
@ConorRyder
Head of Research @ethena_labs | Prev. Research @KaikoData | CFA
A lot of new eyes on Ethena today and people are right to point out the risks involved I wanted to take a sec to highlight some of the extensive work we've done surrounding the risks of the design, and specifically addressing funding risk Before I get into the meat and veg…
10 Catalysts for Ethena brought to you by @EntropyAdvisors's Data (✍️/10)
Seems as though the DAT phenomenon is quite divisive, wanted to share some thoughts on why we thought this was a worthwhile pursuit:
One week later +$1.7bn & all time highs Higher
Ethena's had 3 or 4 periods of >10% funding rates, adding billions of dollars to USDe supply each time Still early but funding rates look to have broken that level again
12% sUSDe APY with $7 billion USDe in circulation The future is so bright
USDe supply is back to all-time-highs >$6,000,000,000 We are now entering supply discovery, please fasten your seatbelts
Ethena is set to become the first stablecoin developer whose product has a clear path to full compliance with the U.S. GENIUS Act Through our partnership with @Anchorage, the only federally chartered crypto bank, USDtb will move onshore to become a U.S. federally regulated…
I remember when Ethena first launched one of the many criticisms was it couldn't scale beyond $1-2b in supply USDe supply +$1,600,000,000 in 7 days
Join us tomorrow at 12 pm EST for a new Yield Talks on The @edge_pod featuring Ethena Head of Research, @ConorRyder and InfiniFi Founder @RobAnon94. RSVP 👉 x.com/i/spaces/1eaKb…
infiniFi - A new system with higher yields, unlimited scalability & no leverage. Your stables working for you.
It is now obvious that the growth of digital dollars and stablecoins is not only the most important story in crypto, but all of finance. There are hundreds of billions in latent TradFi demand for crypto exposure, but this demand is primarily focused on a narrow subset of themes:…
StablecoinX Inc. @stablecoin_x has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol "USDE", which includes a $60 million contribution of ENA from the Ethena Foundation…
➥ DeFi Strategy: How to Maximize Your USDe You know that $USDe recently reached $6 billion in market capitalization, and sUSDe offers a 10% APY due to rising funding rates. This was accompanied by a 47% surge in $ENA over the past few days. So, the question is, how can you…
USDe supply is back to all-time-highs >$6,000,000,000 We are now entering supply discovery, please fasten your seatbelts
Highest sUSDe APY since January at 10% Are we back?
sUSDe APY: 10% ✨ For the first time since January, sUSDe APY is back to double digits Setting a new benchmark rate for the industry, there are plenty of Ethena opportunities to take advantage of today
sUSDe APY: 10% ✨ For the first time since January, sUSDe APY is back to double digits Setting a new benchmark rate for the industry, there are plenty of Ethena opportunities to take advantage of today
USDe is upstream. It’s the base layer other YBS protocols mint from. From USDe → eUSDe, tUSDe, stUSDe, stJLP, iUSD, NUSD USDe is also used for yield optimization by all native protocols in @convergeonchain Funding rates are rising → Bitcoin funding rate is now 19%, and…
Ethena's had 3 or 4 periods of >10% funding rates, adding billions of dollars to USDe supply each time Still early but funding rates look to have broken that level again
For the first time in 6 months average funding across BTC and ETH has broken above baseline funding at 11% The last period we saw funding sustain above these levels in Q4 last year the supply of USDe increased 2.5x in 6 weeks Data: app.ethena.fi/dashboards/mar…
For the first time in 6 months average funding across BTC and ETH has broken above baseline funding at 11% The last period we saw funding sustain above these levels in Q4 last year the supply of USDe increased 2.5x in 6 weeks Data: app.ethena.fi/dashboards/mar…
Funding rates back at baseline or higher sUSDe looking good here
Excited to support @strata_money as the latest Ethena-centric protocol part of the Ethena Network Strata is building composable risk tranching & structured products on top of sUSDe, other Ethena assets, and RWAs Starting today, sENA will receive Strata rewards
Introducing Strata A risk tranching protocol built on @Ethena_Labs, offering structured products on USDe and other Ethena-powered assets, designed to deliver risk-optimized crypto-native returns. Building on @ConvergeOnChain (Ethena x @Securitize x @Arbitrum) Let's dive in 👇