Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe? - Ep. 629
Ethena's synthetic dollar, USDe, hit a $2 billion market cap in just seven weeks, raising eyebrows. Ethena Labs founder Guy Young explores the risks of reinventing the digital dollar.
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This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion.
In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena's governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.
Show highlights:
🔹 An introduction to what Ethena is and how USDe works
🔹 Why the team doesn't want to refer to USDe as a stablecoin, and prefers to use the term "synthetic dollar"
🔹 What the risks of USDe are, including custody, counterparties, and smart contracts
🔹 Why Guy is "pleased" with how the ENA airdrop went through
🔹 How ENA will be used and what its role will be in the governance of Ethena
🔹 Why Ethena is now onboarding Bitcoin as collateral
🔹 Why Guy thinks that there's been an "exaggeration" regarding the situation with Maker and Aave
🔹 Guy's response to the critics who say that Ethena is essentially Terra/Luna
🔹 Whether USDe would only work in a bull market
🔹 How the Ethena insurance fund works and what it aims to accomplish
🔹 What's next for Ethena after onboarding Bitcoin, with Solana potentially being the next asset
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Guest
⭐️Guy Young, founder of Ethena Labs
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Time Stamps:
00:00 Intro
02:49 Overview of Ethena and USDe
03:55 Why he prefers the term "synthetic dollar" over "stablecoin" for USDe
05:45 USDe risks: custody, counterparties, smart contracts
07:26 ENA airdrop
08:26 ENA's use and governance role
09:48 Bitcoin as collateral for Ethena
15:27 Perspectives on Maker and Aave's situation
18:06 Addressing comparisons to Terra/Luna
20:08 USDe's safety in bear markets
21:48 The Ethena insurance fund's goals
23:06 Future plans: Solana?
28:55 Weekly recap
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#bitcoin #ethereum #crypto #cryptocurrencies
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Пікірлер: 38
Cristiano Ronaldo is the Ethena founder? SIIIIUU
@5us4nt0
Ай бұрын
🤣🤣
@MtnMichael88
Ай бұрын
Looool same exact thought. Myyyy mannnn
bought enough ENA at 0,95 yesterday, I was waiting for that price “forever” I missed their launch price 0,64. After I read their project I was convinced the price in the future will increase significantly, I’m saying by end of 2024 to be arround $2-$5
can somebody explain to me the purpose of knowing the fully diluted marketcap?
I remember them saying they were going to grow it slowly to make sure the insurance fund could keep up and the mechanics were solid. 7 weeks later, $2B market cap with a sub-$50 million insurance fund...
@tomd3787
Ай бұрын
The insurance fund is if the funding rate goes negative. Should be a bout 9 basis points a day if that happens (using the worst case scenarios from the past). That is about $180k a day.
No institution, including the state, is exempt from criminal activity. The continuous accumulation of state debt without citizen input, primarily to service interest on existing debt, can be viewed as a form of theft against its citizens. This practice contributes to higher inflation, diminishing the value of citizens' savings and purchasing power. Consequently, citizens may seek to protect themselves from this harmful activity. Consider the collective impact if 300 million citizens were to take legal action against the state for this wrongdoing. Such unified action could significantly impact holding the government accountable and seeking restitution for the financial harm inflicted by inflation. The extensive involvement of citizens in legal proceedings against the state would underscore widespread recognition of the injustice and harm caused by governmental actions. This would exert substantial pressure on the government to address these issues and implement meaningful reforms to prevent further financial damage to its citizens. Additionally, this level of citizen engagement could precipitate significant changes in the political landscape, compelling policymakers to heed the voices of the people and enact policies prioritizing fiscal responsibility and transparency. In essence, the possibility of 300 million citizens pursuing legal recourse against the state for this criminal activity underscores the potential for collective action to instigate positive change and hold government institutions accountable to the populace they serve. The more you know.
ouch..i wouldn't want to be guy, Laura's going to tear him apart. He has highly tradfi mentality he couldn't care a less about btc or eth, which is fair enough....expect to see many more people like guy building products like this in crypto.
Wow what a robotic voice Mr ENA has! it's a bullish sign 😂.
@Dappveloper
Ай бұрын
Not sure if CEO or AI speaking xD
@patrickp8315
Ай бұрын
Same thought, he sounded like a robot
Ethena $2 dollars in few week 🚀🚀🚀
Kinda pointless asking _Ethena founder_ is it safe. What answer do you expect. ?? I don't know if the mechanics are safe, but I do know if you wanna know if its safe or not this is not the place you are gonna find the answer. Not even gonna watch this episode, waste of time.
Better yet... Does Laura intentially choose click bait FUD titles...?
@glowlog
Ай бұрын
it's an open question, for a synthetic stable earning 50% apy, it's a valid question
CR7
Ena $20 soon❤❤❤
@jookaaboo
Ай бұрын
Will it reach?
@hu-man-oid
Ай бұрын
bought enough ENA at 0,95 yesterday, I was waiting for that price “forever” I missed their launch price 0,64. After I read their project I was convinced the price in the future will increase significantly, I’m saying by end of 2024 to be arround $2-$5
Obviously unsafe wen rug
is it robbing peter to pay paul?
What's the best way to make money from crypto investment as crypto is turning around massively.?
@DaveCampbell-bi45h
Ай бұрын
I think all you need is an expert assigned by a brokerage company that will trade for you and handle your capital professionally and give you weekly returns of investment without any extra fees attached
@DaveCampbell-bi45h
Ай бұрын
I personally employ Ms. Evelyn Turner as my t'rader. Her ability to t'rade and produce big pro:fits, in my opinion, is excellent.
@user-sj5yw6fo6h
Ай бұрын
Yeah that's right I think the best way is to invest with a professional, at least it saves the trauma of too much losses.
@user-sj5yw6fo6h
Ай бұрын
@@DaveCampbell-bi45h Really you actually knew her?I thought I was the only one she has helped me through the fears and falls of trading
@Gilmore-ho8rz
Ай бұрын
Seeing a remark regarding my manager Evelyn Turner is quite energizing. It was just like this when I first met her a few weeks ago. Having started with just 3k about 2-3 weeks ago, I have already made it to 25 k. She is very remarkable!
Next Luna obviously
@hu-man-oid
Ай бұрын
Easy to type stuff without any type of knowledge regarding cryptocurrency world, probably you didn’t even graduate high school
Wen is the rug. We all expecting a collapse like Luna & waiting for an entry to short at $4.44-$8.88