According to Wu, Julio Moreno, head of research at CryptoQuant, evaluated the ability of Ethena's reserve funds to pay for large-scale negative funding rate situations. He assumes that the behavior of the ETH funding rate is the same as before and after the Ethereum merger, and as long as the market value of USDe does not exceed $4 billion (currently $2.4 billion), the current reserve fund ($32.7 million) is sufficient to cover funding payments. However, if USDe grows to $5 billion, $7.5 billion, or $10 billion, the reserve fund needs to increase to approximately $40 million, $60 million, and $80 million in the event of a large-scale negative funding rate.