According to Odaily Planet Daily, Su Zhu wrote on the X platform that Ethena's biggest strengths and weaknesses are just game theory. Initially, exchanges benefited from Ethena TVL and became investors, but as Ethena scales up, capital may flow from one exchange to another, leading to a run. If jealousy of Ethena's power worsens, there is a possibility that exchanges will join forces to round up Ethena. Su Zhu also said that Ethena can compete directly with exchanges by offering perpetual products (Perps) on its platform, which is the main way to develop the team.
