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Ethena Labs, the developer of USDe stablecoin, raised $14 million in financing co-led by Dragonfly and Arthur Hayes' Maelstrom, with participation from Galaxy Digital, Hashed, Binance Labs, and others. Ethena is generating a 27% yield through a hedged position using stETH and perp ETH. Despite concerns about its sustainability, Ethena's USDe stablecoin is gaining popularity.
🚨PSA🚨 I don't know who needs to hear this but @ethena_labs is fundamentally broken. You can and may lose all your capital in $USDe in the future. Not only is USDe not a stablecoin, it is NOT a synthetic dollar. USDe is a structured product that has one specific investment… https://t.co/Lenb8pnp5D
Wondering how @ethena_labs' USDe works? Hear it from its founder @leptokurtic_ https://t.co/EOvAdmYsyi
Isn’t it kind of obvious that @ethena_labs will become a victim of its own success? The more popular it becomes as a stablecoin, the more it will push the funding rate negative on the perps markets it generates yield from, thereby limiting its growth as a stablecoin. What am I…
