Ethena: DeFi's Multibillion Dollar Tokenized Basis Trade

Guy Young is the Founder of Ethena Labs. In this episode, we dive into questions from listeners about Ethena and its multibillion dollar tokenized basis trade protocol. Guy shares what’s made Ethena so successful right out of the gate growing the USDe market cap to $1.96B in less than a few months, the impact of the Ethena Effect on DeFi, and what to know about their recent ENA token launch. ------ 🔗 Essential Show Links 🔗 ► Youtube: https://youtube.com/@defidad ► Apple: https://tinyurl.com/edgepod ► Spotify: https://tinyurl.com/edgepodspotify ► Linktree: https://linktr.ee/edge_pod ► Follow DeFi Dad: https://twitter.com/DeFi_Dad ► Follow Nomatic: https://twitter.com/Nomaticcap ► Learn about DeFi and Web3: http://defidad.com/ ------ The Edge Podcast Sponsor Resources 🚀 FLAT MONEY | NEW FLATCOIN AND DELTA-NEUTRAL MARKETPLACE BACKED BY RETH 🌊 SWELL NETWORK | NATIVE LIQUID RESTAKING WITH RSWETH 💧 INSTADAPP | NEW LENDING AND BORROWING VAULTS WITH FLUID 🧑‍🌾 MANTLE | THE ETHEREUM L2 FOR TOP NATIVE YIELDS 🟢 KELP DAO | THE FIRST LIQUID RESTAKING PLATFORM FOR LSTS ------ Timestamps 0:00 - Intro 5:08 - Reflecting on Ethena's launch 6:30 - Insane growth of Ethena 9:24 - Maker raising the DSR and the Ethena Effect 11:34 - What happens when funding rates go negative 16:30 - Power of composability behind USDe 19:07 - Synthetic dollar vs tokenized basis trade 22:34 - Ethena's insurance fund 25:10 - Season 1 - Shards Campaign 26:54 - Importance of Pendle 33:57 - Adding BTC and Season 2, Sats Campaign 35:35 - Adding LRTs? 37:53 - Expanding to Mantle and more L2s 39:04 - ENA TGE and ENA airdrop 41:02 - Closing ------ 🔗 Guest Links 🔗 ► Ethena Website: https://www.ethena.fi/ ► Ethena ENA Airdrop and Season 2 Sats Campaign post: https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/GTbzFynrve4gzSjIEKL0vz7Kq0UHkIiekHkup0EXgjU ► Ethena on Twitter: https://twitter.com/ethena_labs ► Guy on Twitter: https://twitter.com/leptokurtic_ ------ If you're a DeFi/Web3 builder, contact our team at: https://fourthrevolution.capital/ All opinions expressed by hosts and podcast guests are solely their own opinions and not necessarily those of Fourth Revolution Capital. Podcast guests and 4RC may have positions in the assets or other matters discussed in this podcast. Nomatic and DeFi Dad invested in the most recent Ethena investment round. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Do your own research. This is not a recommendation or endorsement to buy any token(s) related to any platform(s) discussed.