chud.eth
632 posts
We're pleased to announce that, having taken onboard user feedback, every onboarded Ethena mint user is now able to mint & redeem USDe with USDC for free. Instant liquidity into and out of USDe at 0bps cost for whitelisted users is expected to result in less value leakage on secondary markets and increased ease of access for users. Updated mint and redeem fees are detailed below and will be available on our public dashboards:
We are excited to partner with @RobinhoodCrypto to bring Ethena's product suite to Robinhood Chain. Ethena has been selected by Steakhouse, the curator of the vault, as the primary collateral asset issuer for Robinhood's first crypto earn product. This is the first decentralized lending product available directly in the Robinhood app.
$OHM's price has eased recently (with most of crypto), and it's worth unpacking what that actually means for the protocol... b/c any confusion around price decline, premium compression, supply contraction mostly traces back to one habit: reading OHM's price the way you'd read any other token's. For almost every other token, a falling price feeds on itself. A lower price pushes holders to sell, the selling pushes the price lower, and so on. Olympus was built to run that loop in reverse. The lower the price goes, the more $OHM the protocol can buy back with the yield its reserves earn (~$50K / week), so the fall itself funds the buying and keeps pulling supply out of the market. The selling that compounds against an ordinary token is what powers the buying here. Behind every $OHM sits a backing (~$12) of real assets, mostly stablecoins. And the protocol won't issue new OHM below backing; it buys OHM back instead. That buyback gets more powerful as the premium compresses: the same reserve yield buys back more OHM the closer the price sits to backing, pulling more supply out of the market (right where an ordinary token would be unraveling). Supply contracting is the design working (not a warning)... Over the last four years the protocol's bought back $156M+ of OHM across its buyback programs.
bought and burned 16% of FDV in last 3yrs ($41.6m of OHM), continues to do so. current bb rate is ~4%/yr, and you can borrow out 70% LTV at 0.5% APR with no liquidation risk while you wait. if price drops 10% from here, buybacks increase 1.7x to 6.75%/yr of FDV. if price drops 20% from here, buybacks increase 4.25x to 17%/yr of FDV. double the treasury yield and all these numbers double as well. <- watch this space
STRC is down 15% in two weeks. Saylor said he "designed it with ChatGPT."
