Hey everyone, let's talk about $ENA 's USDe. ๐๐ป
Despite some exciting partnerships, like teaming up with Bitget to make #USDe a bigger player in their ecosystem, we haven't seen the USDe supply grow as much as we'd hoped. It's actually dropped 11% from its July peak. ๐๐
This isn't just #Ethena ; the whole stablecoin market is facing challenges right now. It's a tough environment. ๐ฅถ
But here's the thing: #ENA is taking steps to manage risk. ๐คท To create USDe, users deposit $BTC or $ETH . Ethena then hedges its bets by shorting these assets. This clever strategy protects USDe from wild price swings. ๐ค
To spread the risk even further, Ethena divides its short positions across multiple exchanges (#Binance , ByBit, #OKX , Deribit, and Bitget) and uses a mix of Bitcoin, Ether, Ether staking, and USDT as backing. It's like having multiple safety nets. โจ๐ฐWe're keeping a close eye on the situation and hoping for a USDe comeback soon! ๐ DYOR!