Ethena is a synthetic dollar protocol on Ethereum that issues the stablecoin USDe. The asset aims to be a censorship-resistant and scalable form of digital money pegged to the US dollar.
On April 16, on-chain analytics firm CryptoQuant took a deep dive into the Ethena ecosystem revealing risks with the latest stablecoin, which has seen its market capitalization grow to more than $2 billion in a shorter time after launch than any other major counterpart.
USDe’s market cap peaked this week at just under $2.4 billion, following a surge of 900% following its launch in February, making it the fifth-largest stablecoin.
Ethena Risks Revealed
USDe is backed by crypto assets like ETH and BTC and maintains its peg by delta hedging using short positions on centralized exchanges.
To mint USDe, users deposit BTC, ETH, staked Ether (stETH), or USDT into the protocol, which then opens equivalent short perpetual positions with no expiration date.
However, the stablecoin faces risks in maintaining US
We współpracy z: https://cryptopotato.com/ethena-usde-tops-2-3b-market-cap-but-risks-identified/
