chud.eth retweeted
“The thesis is simple” says @tulipking “my bags are money and yours are failing business. That’s why $zec is going to a trillion dollar.”
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chud.eth retweeted
Almost +$1b in USDe in ~3 weeks.
Would be a shame if ran it all the way back.
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chud.eth retweeted
Introducing Ethena Pay: the internet money neobank, built on @avax.
Live now to download on iOS.
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chud.eth retweeted
We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below:
1. Buyout of early investors:
The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any ENA within the last 9 months.
2. Alignment of Token & Equity:
The Ethena Foundation and Ethena Labs have reached agreement on a Master Framework Agreement, whereby IP and ownership of value accrued by the protocol is assigned to the Foundation exclusively and governed by token holders with no residual cash flow due to equity investors in the Labs entity.
3. Revenue Buybacks:
Governance proposal now live for the implementation of the fee switch whereby net revenue accrued across all business lines under the Ethena brand will be used to programmatically buy back the ENA token.
The vote for revenue buyback fee switch implementation is now here, and has already been approved by the Risk Committee:
snapshot.box/#/s:ethenagover…
4. Removal of monthly VC unlocks:
The Ethena Foundation and lead investors have agreed to eliminate future overhang associated with monthly VC investor unlocks by releasing unvested tokens. All team tokens remain locked per the original vesting schedules.
Further details and documentation is provided in the blog linked below:
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chud.eth retweeted
Ethena and FalconX Establish a $1 Billion Secured Warehouse Facility to Expand Return Sources for USDe-Backing Assets
Ethena and digital-asset prime broker FalconX have established a $1 billion secured warehouse facility to deploy assets backing USDe into overcollateralized institutional loans. FalconX will originate, service and manage the collateral for loans used in trading strategies, corporate treasury management and payments. The arrangement gives Ethena an additional source of returns beyond perpetual-futures funding rates. Collateral will be held by qualified third-party custodians, with Ethena holding a first-priority security interest over the facility’s assets.
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- Ethena products now become the clear choice for yield, whether you want to park your capital for a day or years, instant liquidity to enter/exit.
- frictionless looping on the new Morpho USDe markets at double digit APR for pretty vanilla exposure.
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:
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redeem
GNO pro-rata redemption is now live here: redeem.gno.now/
NOCA (Gnosis DAO treasury manager) shared the redeem contracts and link here: forum.gnosis.io/t/gip-151-sh…
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ethena laying the foundations for the next leverage fuelled expansion of usde
all of these earn products provide sticky capital happy to lend consistently for an honest vanilla rate
sUSDe APR maintains a decent spread for any length of time and the bigger on-chain yield farmers take care of translating earn product demand into USDe supply
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.
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(very) biased take:
OUSD most closely resembles USDC; cash/tbill backed and happy to give up the revenue to distribution in the name of growth and penetration.
distributors will need to find ways to attract OUSD into *their* app/chain/platform vs. the others, so they can book the revenues as the 'referrer'
for distributors with retail facing distribution networks (visa, mc, banks etc.) this is trivial, just better ux for payments i'm sure.
for crypto/defi apps & chains, the go to for pmf so far is spraying revs from distribution share into merkl campaigns for aave/morpho/etc. => more cheap borrows for @ethena loopers to capitalize on *if* sUSDe APR can stay elevated above tbills to ensure positive carry.
USDT & USDC abundance has been biggest driver of Ethena's growth to date given leverage effect; adding more cash-backed stables that end up subsidizing borrows should do the same
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still got the hands as an onchain operator
probably the first manual @aave liquidation in a while
wouldn't have been possible without you guys rugging $S @AndreCronjeTech @michaelfkong tysm ❤️❤️❤️
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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
$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.
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