Value for Value ⚡️
Episode Summary
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion. In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena's governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.Show highlights:
An introduction to what Ethena is and how USDe works
Why the team doesn't want to refer to USDe as a stablecoin, and prefers to use the term "synthetic dollar"
What the risks of USDe are, including custody, counterparties, and smart contracts
Why Guy is "pleased" with how the ENA airdrop went through
How ENA will be used and what its role will be in the governance of Ethena
Why Ethena is now onboarding Bitcoin as collateral
Why Guy thinks that there's been an "exaggeration" regarding the situation with Maker and Aave
Guy's response to the critics who say that Ethena is essentially Terra/Luna
Whether USDe would only work in a bull market
How the Ethena insurance fund works and what it aims to accomplish
What's next for Ethena after onboarding Bitcoin, with Solana potentially being the next asset
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Guest
Guy Young, founder of Ethena Labs.
Previous appearance on Unchained: How Ethena's USDe Challenges Traditional Stablecoin Models
LinksEthena:
Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide
Decrypt: Ethena Just Launched to a $1.2 Billion Market Cap: Here’s What You Need to Know