Sabitlenmiş Tweet
Strayy シ
9.7K posts
Strayy シ
@strayyhat
Web3 enthusiast 💻Trust code not banks 💊
Scandinavia Katılım Mart 2012
1K Takip Edilen973 Takipçiler
Strayy シ retweetledi
Strayy シ retweetledi
ENA is trading at a 5.6 FDV/Fees ratio in March, another low since Jan 26.
The proposed expansion of USDe reserves adds more fuel to the thesis:
• Institutional Lending (Maple, Coinbase, Anchorage)
• High Quality RWAs
• Equity & Commodities Basis Trade
• Prime Lending
The expansion gives Ethena more flexibility to chase higher yielding markets as conditions shift. More diversified backing could mean higher sUSDe APY, which increases the USDe supply and monthly protocol fees.
English
Strayy シ retweetledi
Strayy シ retweetledi
Important @ethena update --> make USDe less dependent on one market regime
Historically, their USDe story was tied to crypto basis trade/ perp funding, which kinda worked well when those rates were there.
But as 1) crypto-native yields compressed 2) more competitors come in to compete, the same trade starts giving less for the same risk.
Hence Ethena is broadening up the backing mix:
• overcollateralised insti lending
• higher quality liquid RWAs beyond T-Bills
• equity + commodity basis
• prime lending
Takeaway:
• USDe is trying to become a product that can stay competitive even when crypto-native rates are boring
• Done to avoid concentration risk (over reliant on one revenue stream) + tap into much bigger ponds (RWA, insti lending) + resilience (to still make sense when the market gets slower)
• $ENA token has probably bottomed out? Will these new integrations and revenue streams coupled with their broad distributions* trickle into the token?
*They already built a product that lives across both DeFi AND CeFi, and now increasingly more institutional rails too
Obviously, more moving parts means more things to underwrite:
• Counterparty quality and risk committee
• Liquidity terms
• Transparency
If they do this as well as their basis trade szn in the past, USDe probably ends up surviving multiple cycles
Data from @Tree_of_Alpha, @EntropyAdvisors and @DefiLlama
Token holder
Ethena@ethena
USDe reserves are evolving: reducing concentration and building resilience across market cycles with a diversified collateral base. Four additions to the collateral backing are detailed below for consideration by the risk committee, each a natural extension of existing Ethena allocations: → Overcollateralised institutional lending → High quality liquid RWAs beyond TBills → Equity & commodity basis exposure → Prime lending Read more below on proposed updates:
English
Strayy シ retweetledi
Strayy シ retweetledi
Strayy シ retweetledi
Strayy シ retweetledi
Strayy シ retweetledi
Your USD could be working harder.
Convert to USDe and earn up to 4.25% APY automatically with Kraken+.
No lockups, no setup, no catch.
Limited-time offer for eligible users.
Convert now 👇
app.kraken.com/JDNW/USDe
English
Strayy シ retweetledi
you are not paying attention
"they blew my mind"
that's the cto of dtcc
the same firm that clears $4 quadrillion yearly is bullish on Zero
$ZRO
English
Strayy シ retweetledi
Ethena revenge arc starting today
G | Ethena@gdog97_
Since 10/10 Ethena was poorly positioned for what has been a material regime change. In the last few months we have been building out the infrastructure to securely access alternate sources of safe and scalable collateral to better position the business for these periods of downturn. This is an important piece of work which should have been done a long while ago, but now positions USDe backing to experience less rate volatility during periods of suppressed crypto native interest rates. Going forward, once approved by the independent risk committee, USDe will have access to: -Basis on non crypto assets including commodities and equities -Institutional triparty collateralized lending via @coinbase @krakenfx @Anchorage and others -Prime lending across CeFi and @HyperliquidX -Liquid high quality non-tbill RWA exposures Each of the above represent multi-billion capacity opportunities with that will now sit alongside the existing USDe collateral base to improve the product resilience through the cycle.
English
Strayy シ retweetledi
These updates place Ethena at the intersection of three of the fastest growing sectors in the industry:
> CeFi Institutional Lending
> RWAs outside of T-Bills
> Commodity/Equity Perps
All three markets are many multiples bigger than they were this time last year and still have plenty of room to run. Ethena's addressable market will be multi-billions larger than today
There is no one better positioned to capture that growth
Ethena@ethena
USDe reserves are evolving: reducing concentration and building resilience across market cycles with a diversified collateral base. Four additions to the collateral backing are detailed below for consideration by the risk committee, each a natural extension of existing Ethena allocations: → Overcollateralised institutional lending → High quality liquid RWAs beyond TBills → Equity & commodity basis exposure → Prime lending Read more below on proposed updates:
English
Strayy シ retweetledi
this might sound similar to SKY, but if you actually go into the inner workings of both teams / founders / systems, its incredibly nuanced and their final states will end up very different, for the better.
this is shown in their efforts they put their resources into:
Ethena focused on distribution and action expansionary policy, and they work with many of the existing exchanges, venues, and new strategy sets (esp in asia and US) to create a demand sink for yield and money
SKY has spent a lot of time building standards, governance, and focusing on reserve standards, which makes sense since they are a very lindy organization, surviving across many cycles. the star/halo allocator system is illustrative of this. i myself have spent some time navigating the Atlas they created (you should too)
theyre optimizing for different paths of creating the next stable that'll be the solid 3rd contender after USDT and USDC, and frankly something everyone on CT should root for both because a defi / onchain organization, represented by token ownership, should be significant enough to not necessarily replace, but become more trustworthy & better branded than their centralized counterparty over the longrun in the spirit of decentralized ownership, either being standards & policy-led or distribution & expansion-led.
like two nations with different governments, not one is necessarily superior, but just different
think less ENA vs SKY,
but rather USDE+USDS vs USDT+USDC
Ethena@ethena
USDe reserves are evolving: reducing concentration and building resilience across market cycles with a diversified collateral base. Four additions to the collateral backing are detailed below for consideration by the risk committee, each a natural extension of existing Ethena allocations: → Overcollateralised institutional lending → High quality liquid RWAs beyond TBills → Equity & commodity basis exposure → Prime lending Read more below on proposed updates:
English
Strayy シ retweetledi
Since 10/10 Ethena was poorly positioned for what has been a material regime change.
In the last few months we have been building out the infrastructure to securely access alternate sources of safe and scalable collateral to better position the business for these periods of downturn.
This is an important piece of work which should have been done a long while ago, but now positions USDe backing to experience less rate volatility during periods of suppressed crypto native interest rates.
Going forward, once approved by the independent risk committee, USDe will have access to:
-Basis on non crypto assets including commodities and equities
-Institutional triparty collateralized lending via @coinbase @krakenfx @Anchorage and others
-Prime lending across CeFi and @HyperliquidX
-Liquid high quality non-tbill RWA exposures
Each of the above represent multi-billion capacity opportunities with that will now sit alongside the existing USDe collateral base to improve the product resilience through the cycle.
Ethena@ethena
USDe reserves are evolving: reducing concentration and building resilience across market cycles with a diversified collateral base. Four additions to the collateral backing are detailed below for consideration by the risk committee, each a natural extension of existing Ethena allocations: → Overcollateralised institutional lending → High quality liquid RWAs beyond TBills → Equity & commodity basis exposure → Prime lending Read more below on proposed updates:
English
100% agree and s2 is on the way, there is a live action movie also that was pretty okay
Area 65@Areasixtyfive
Don’t sleep on this anime. Tap in if you haven’t, it’s really good
English
Strayy シ retweetledi
Strayy シ retweetledi
Strayy シ retweetledi
NIPPON SANGOKU
Release today
Director: Kazuaki Terasawa (寺澤和晃)
CD/CAD: Takahiko Abiru (阿比留隆彦)
Sub CD: Kouki Tsujimura (辻村幸輝)
Music: Kevin Penkin
I must say the designs are excellent! In any case, I like them very much! The story looks quite interesting, frankly I'm really looking forward to it! 😊
English
quality is amazing considering the age of this show.
ToonHive@ToonHive
24 years ago today, ‘Chobits’ premiered.
English
Strayy シ retweetledi
Fantastic first episode!! 😮
— Watch NIPPON SANGOKU: The Three Nations of the Crimson Sun on Prime Video
English