In fact, #Ethena is not just stable. The bottom line of its income is rate arbitrage + staking. In the past, the source of stable income was composed of the Ponzi model.

Ethena’s profit model is also very clear. You can achieve this profit even if you follow the strategy yourself, but using an investment portfolio to achieve stable income and asset security exceeds that of a single DeFi profit product.

Buying USDe can be understood as buying their asset management products. Funds outside the circle will not do arbitrage. You can also enjoy it by buying USDe. The arbitrage income model is unique to the currency circle (perpetual contract rates are not available in other financial markets, staking The income is only in the currency circle).

The source of income is real. This alone is much better than the bubble income created by various nesting dolls.