Hey everyone, let's talk about $ENA 's USDe. 👀💻

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. 📉😖

This isn't just #Ethena ; the whole stablecoin market is facing challenges right now. It's a tough environment. 🥶

But here's the thing: #ENA is taking steps to manage risk. 🤷 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. 🤖

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. ✨💰We're keeping a close eye on the situation and hoping for a USDe comeback soon! 🙉 DYOR!