ICYMI you can earn >20% APY in telegram's crypto wallet, just search "wallet" in search bar to surface the wallet also available in US the APY comes from sUSDe + TON incentives

3 days later, USDe has grown another $500m to $7.5 billion Ethena PTs are at a fixed 14% for 60+ days, sUSDe is at a 12% floating rate. Dollar borrows on Aave are at <5% sUSDe and USDe are by far the most powerful dollar assets in DeFi today

Whatever rule protects you from making mistakes also protects you from making miracles, which is why the most terrifying question isn't what could go wrong, it's what could go so right that it destroys your excuses for staying small

The main concern and only variable we can't control about looping PT is the borrowing rate. I don't think it's a concern this time. December was very different: funding went nuts, there were less funds/protocols arbing the funding, Aave just launched sUSDe collateral, Euler/Morpho were not at their current TVL. I may be wrong, but I think PTs >13% are really a steal. This should continue as long as ENA pumps because it's driving YTs implied yield up. Loop at your own risk.

From July 22 to July 25, 83 million ENA have been acquired across public venues under the buyback program initiated by an Ethena Foundation subsidiary, via third-party market makers. Periodic progress updates will be provided as the buybacks are executed.

On Arkm, an address suspected to belong to the infamous Arthur Hayes was marked, and a day ago, it acquired ENA tokens worth 1 million USD from Binance and Galaxy Digital's OTC platform. It seems that after a two-week hiatus, the infamous Hayes has once again purchased ENA from the secondary market. Currently, the account holds a total of 7.76 million ENA, valued at 4.58 million USD. Interestingly, Hayes just indicated that he has increased his long positions in ETH and ENA. The recent surge in ENA is primarily attributed to the Ethena Foundation, which on the 21st promised to repurchase ENA tokens worth 260 million USD from the market, accounting for about 8% of the circulating supply. This means that over the next 5 to 6 weeks, there will be a continuous daily buy order of 5 million USD, while the company is also transitioning towards a MicroStrategy-style treasury management. Currently, there is a dedicated ENA MicroStrategy in the US stock market.

fuck it saylor mode

Seems as though the DAT phenomenon is quite divisive, wanted to share some thoughts on why we thought this was a worthwhile pursuit:

What people said… When we seeded Ethena 2 years ago: “This is just Luna again” When we seeded liquidity pool: “AI crypto is where it’s at, not DeFi” When we doubled down in growth: “Didn’t we try this on Solana last cycle?” When we 100x’d size in public market: “Tether already won the race” Today: “Stablecoins is the biggest opportunity in crypto and we need exposure any way possible”