Integrate BTC, cooperate with Pendle and MakerDAO Can Ethena become a new generation of synthetic dollar?
Author: defioasis By holding LST and an equivalent amount of perpetual contract short positions, Ethena has created a delta-neutral CDP, pioneering a new chapter in synthetic dollars . The yield on sUSDe (staked USDe) actually comes from basis trading, with the current sUSDe APY exceeding 11%. According to Etherscan data, as of May 8, the supply of USDe has reached 2.29 billion, making it the fifth largest stablecoin/synthetic dollar after USDT, USDC, DAI, and FDUSD. USDe vs UST: How its different The yield and growth rate of USDe inevitably remind people of UST in the past, where Anchor UST offered an annual yield of 20%, but ultimately collapsed overnight. However, there are significant differences between the two. Firstly, UST is an algorithmic stablecoin with mechanisms for arbitrage, minting, and burning between LUNA and UST to maintain parity with the dollar , whereas USDe has real backing assets hedged with delta-neutral positions. Secondly, USDe has a real business, namely basi...