Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch. This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets. As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception. Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders. Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period. We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle. Allocations begin today.

Absolutely, we'd love to see people build things like that on Aria. Anyone interested in building on top of our API or becoming a reseller, please reach out. We can offer pricing below our current platform rates.

There's no subsidy. Our pricing is transparent, and we've committed 100% of distributable net profit, after model and operating costs, to ARIA buybacks and burns. We’d welcome an independent company testing this with $10k–$100k in paid inference usage. Ideally a real production workload, not just burning tokens for a benchmark. If anyone knows a team with that kind of demand, I'd love an introduction.

as we go higher a lot of tourist institutional capital will return HFs, family offices, liquid funds, VCs etc. many left or got washed out over the last 12 months they are going to buy the best altcoin stories i think these do higher multiples than the top onchain winners

We can't share confidential supplier contract terms, but those routes aren't subsidized. The only current promotion is our one-week discount on Grok 4.7. Our regular pricing leaves us with healthy margins, and paid usage supports our operations. We're committed to allocating 100% of distributable net profit, after operating and supplier costs, to ARIA buybacks and burns and rewards for sARIA stakers. We'll announce the reward details for ARIA stakers later today.

There's no subsidy. Our pricing is transparent, and we've committed 100% of distributable net profit, after model and operating costs, to ARIA buybacks and burns. We’d welcome an independent company testing this with $10k–$100k in paid inference usage. Ideally a real production workload, not just burning tokens for a benchmark. If anyone knows a team with that kind of demand, I'd love an introduction.