G | Ethena
@gdog97_
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Founder @ethena_labs Disclosures: https://t.co/8dewd3XGGO
Joined November 2022
Ethena has stayed roughly flat at ~20-25 contributors for the last 2 years. We are expanding the team meaningfully for the first time with 10 new roles across engineering and product for two entirely new business lines and products launching in the next ~3 months. Both of these
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Want to commend the speed with which Binance has addressed the losses on their platform. The size of user compensation is unprecedented. This is the first step to regain user trust which will be rebuilt through time. Now is not the right time to be blaming each other. Binance
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Despite the market FUD on USDe, its DEX price volatility during the largest liquidation in crypto history is just slightly higher than USDT/USDC.
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While the widespread destruction of value was painful for everyone involved, there is only so much we can control. In my view, our job is to: i) Ensure the collateral is never impaired ii) Service redemptions with zero downtime or delay iii) Guide platforms on suggested oracle
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On events of last Friday to be absolutely clear: i) Ethena's mint and redeem function had zero downtime and was processing the largest number of withdrawals in its lifetime - more than $1b in a few hours and $2b in a 24hr period with zero issues. ii) Primary liquidity venues
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Hardcoding USDe=USDT is clearly *not* appropriate in the event there is permanent impairment in the backing for USDe. So what is the solution in this case? It does not need to be either or. Ethena provides on demand Proof of Reserves to a handful of entities, some of which are
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While DeFi money markets took a lot of criticism for pegging USDe=USDT, I do think this is appropriate to avoid liquidating people for a temporary dislocation in price. For every tail event in the last two years this was the correct decision. Contrary to some public comments
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To simplify the problem there are two distinct scenarios you are trying to identify within your oracle: 1. Temporary dislocation in the secondary price 2. Permanent impairment of the collateral The first happens frequently in crypto across any asset used as collateral. The
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While we share these suggestions privately with any partner we work with across both DeFi and CeFi, want to surface this publicly so there is zero doubt going forward on what we view as appropriate oracle design and risk management for USDe:
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USDe Proof of Reserves are typically provided on a weekly basis by 3rd party independent attestors including leading firms such as Chaos Labs, Chainlink, Llama Risk and Harris & Trotter. On request from the community, we have provided a Proof of Reserves outside of the regular
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USDe Proof of Reserves are typically provided on a weekly basis by 3rd party independent attestors including leading firms such as Chaos Labs, Chainlink, Llama Risk and Harris & Trotter. On request from the community, we have provided a Proof of Reserves outside of the regular
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@Derivatives_Ape @pumpdotfun Unpopular opinion: Wassie riding will not make people forget you embezzled $30M with Zkasino from investors and had assets seized by law enforcement last year
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Complete lie Please be careful listening to people who embezzled $30M from investors and had their assets seized by law enforcement last year (link below) 🙏🏻
Rumour on the street: Ethena's delta neutral strategies blew up and now they're desperately raising capital to back $USDe. This is giving Terra Luna vibes. You lose nothing by swapping out now, if it's wrong, you can always swap back in. Don't take the risk.
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Introducing JupUSD: the native stablecoin of the @JupiterExchange ecosystem built on Ethena's Stablecoin-as-a-Service stack. JupUSD will plug into every major part of the Jupiter stack, including: - Jupiter Perps: where the ~$750m in stablecoins inside of JLP will gradually be
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Introducing suiUSDe and USDi: two native dollar assets for the $30b+ @SuiNetwork built on our Stablecoin-as-a-Service stack. These products will power DeFi and payments on Sui, while embedding Ethena directly within one of the fastest growing networks on earth. Both suiUSDe &
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Introducing MegaUSD: USDm, built with @megaeth_labs on the Ethena Stablecoin-as-a-Service stack MegaUSD will be backed by USDtb, which holds its reserves primarily in Blackrock BUIDL USDm will operate as MegaETH's native stablecoin, underpinning major native applications
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The stablecoin landscape is about to be disrupted to its core In October you will see >50% of every major chain, application and wallet with critical mass and existing user distribution launch their own whitelabel stablecoin
Stablecoin season is about profit pool allocation between the three layers of a blockchain ecosystem: network, apps, asset. The profit pool is t bills at 400bps (for simplicity). Who gets this NIM? Historically - 100% to asset issuers. Apps now negotiate for this; many big
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This Hyperliquid episode has it all: Haseeb’s public cope. Governance drama. Alleged bribes. @gdog97_. And Tarun not caring. Timestamps 00:00 Intro 01:27 Hyperliquid USDH Stablecoin Proposal 03:25 Native Markets vs. Paxos, Ethena, Frax 06:21 Early Signals, Rumors, and
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with the recent binance integration and continued work with blackrock, it would be shocking to most that this is only scratching the surface of what is to come countless multinational conglomerates, financial institutions, banks, retirement funds, nation states, many of which
as the appetite for stablecoins grows, and the passage of regulatory standards give issuers guidance to move forward, we enter the acceleration phase the largest players in this space profit handsomely off sheer transaction volumes, and will continue to do so but few actually
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