Microstrategy clones buying up locked token supplies from paper-handed funds is one of the best case scenarios for altcoin market structure. Cleans up supply overhangs, pumps liquidity in the market, and accumulates tokens to a permanent capital vehicle.

Ethena team are really executing at the highest level possible now. Combined with the biggest structural tailwind and narrative this cycle, reaching ATH again is just a matter of time.

Impressive integration by OpenEden team to further expand the adoption and usage of $cUSDO They are heads down executing and shaping up to be one of the most promising RWA and stablecoin projects.

Great post from the founder of Ethena on why not all DATs are built the same. "A sustained inflow at 1x NAV is better than no access at all."

"A sustained 1.0x NAV with consistent inflows is better than no access at all."

The greatest trick the devil ever pulled was convincing you not to buy something solely because "it already pumped".

ETHENA

Lower

Higher

🎉 Edition 31 of my newsletter, The Funding, is live! Many thanks to Rob Hadick ＞|＜, Arthur, Cosmo Jiang, Rajiv Patel-O’Connor, Balder, Ryan Watkins, Lex Sokolin | Generative Ventures, Thomas Klocanas for sharing insights 🙌 theblock.co/post/364334/wh…

3 days later, USDe has grown another $500m to $7.5 billion Ethena PTs are at a fixed 14% for 60+ days, sUSDe is at a 12% floating rate. Dollar borrows on Aave are at <5% sUSDe and USDe are by far the most powerful dollar assets in DeFi today

Raised 1.3b with declining metrics and it further accelerated post TGE. Thanks for playing.

In general our industry is not doing a great job at allocating capital. Professional and institutional investors are supposed to instil some discipline on raise and valuation but that didn't happen.

There are simply too much that I don't even know where to start.

Introducing Liquid Leverage, a new Ethena integration on money markets enabled by partners, launching first on Aave 👻 Users can now deposit 50% sUSDe & 50% USDe into Aave and earn promotional rewards for USDe (currently ~12% APY), in addition to the normal USDe lending rate

Aavethena flywheel. Higher.

Ethena news last 24 hrs: • Hit $8B in USDe supply • Launched a new liquid leverage campaign with AAVE - should make USDe the best stablecoin to lend and borrow on DeFi's biggest money market • Purchased the HUSDE ticker on Hyperliquid Higher.

somehow along the way, it became virtuous to some in crypto to be “open minded” to the point of believing in absolutely nothing and thinking that being a nihilist was superior stupid