Odaily Planet Daily News: Delphi Ventures partner José Maria Macedo posted on the X platform that Ethena Labs's imitation project will face huge challenges. Macedo pointed out that unstaked USDe actually multiplied the basis income of sUSDe, making it difficult for competitors to match. Currently, about 50% of USDe is staked, and sUSDe stakers receive twice the income of manual basis trading. For new entrants to be competitive, the income must exceed twice the basis income plus the implied income and risk premium of ENA. Macedo emphasized that Ethena also has other advantages such as brand and first-mover advantage, and predicted that imitators will have a hard time recognizing the strong network effect of stablecoins. Macedo also disclosed that Delphi Ventures invested in Ethena and that he personally holds USDe and ENA.