Ethena is going after the distribution it could not achieve on its own. Firstly, with @coinbase and now @JanusHenderson, a $480bn asset manager. Both of these partnerships are mutually beneficial 👇 - USDe becomes accessible to a wider range of users and investors, along with strategic investments in - Coinbase secures another client for its Custody & Institutional Lending, reduces its reliance on Circle and gains a potential new savings product in sUSDe - Janus Henderson gains capital in its JAAA fund For Ethena, new initiatives and partnerships have been commonplace over the past year. Ultimately, they want USDe and its use cases to grow and expand, serving as a yield-bearing dollar product distributed through exchanges, wallets and institutional rails. So as expected, they are pushing in every direction they can, with Coinbase and Janus Henderson the latest expansion surfaces. However, not all of their endeavours have achieved strong starts. - Ethena’s Hyperliquid push has not really worked yet and, given @TradeXYZ’s dominance, may never succeed. @hyenatrade was meant to be a strong player in the Hyperliquid ecosystem, giving traders access to yield on their collateral, but Blockworks’ HIP-3 data from @shaundadevens shows HYENA producing just 0.4% deployer APR, barely above Felix Perps at 0.3%, with Felix announcing their HIP-3 deployment shutdown just yesterday. - @Convergeonchain, Ethena and @Securitize’s chain, purpose-built for onchain finance, also remains a roadmap mystery, with no word from the X account or blog for nearly a year. - MegaUSD (USDm) has had some success, using Ethena’s USDtb rails to direct reserve yield toward sequencer costs. This was an example of Ethena experimenting with whitelabel stablecoin infrastructure that other ecosystems can package. MegaUSD now sits at around $200m in circulation, down from highs of more than $560m one month ago. Ethena’s first few distribution experiments outside of Binance and Bybit, while credible, have been patchy in outcomes. But that could well change with these two partnerships. They are more intentional and mutually beneficial, providing access to a much larger TAM.

Ethena has expanded its partnership with @Anchorage, a federally regulated crypto bank in the US, to advance its institutional investment lending through Atlas Collateral Management. As part of this expansion, Anchorage will serve as collateral manager for Ethena's loan assets, with borrower collateral held in regulated custody at Anchorage. The expansion builds on Anchorage's existing role as issuer for our whitelabel stablecoin products.

ethena monthly revenue went from ~$15m at peak to $363k. 97.6% decline. USDe supply down $2b YTD to $5b with redemptions accelerating. the part nobody connects: spot BTC and ETH ETFs structurally compress perp funding rates by absorbing volatility that used to flow through CEX perps. funding sits at 3-7% annualized now, which is ethena's breakeven zone after hedging costs and fees. sUSDe yields at 5-8% competing against 4.2% T-bill stables with zero smart contract risk. $2b didn't leave crypto, it rotated to USD1 and USYC. ethena's model was built for a market structure that ETFs permanently destroyed.

ethena risk committee confirmed all fee switch parameters met on may 13. $332m in cumulative protocol revenue generated, $0 distributed to ENA holders. governance vote is now weeks away, not months. MKR repriced 40% in the 3 weeks between forum post and on-chain vote when they activated buybacks. the trade here is front-running the governance announcement, not the activation. watch for the forum post. 171m ENA unlocking schedule is the counterweight but $1.04b market cap on a protocol doing 9 figures in revenue with zero value accrual to the token is a setup that resolves violently in one direction or the other

ethena just pulled off the most aggressive stablecoin expansion in defi history. $700m of their own USDG deployed to solana specifically so users can borrow it, swap to USDe, and re-deposit at 12.5x leverage. USDe on solana went from $3.5m to $70m in 24 hours. both sides of the loop are issued by the same entity. stargate had to raise bridge limits to $30m/hour because demand broke the pipes. 36% APY on a stablecoin leverage loop where both tokens come from the same issuer running delta-hedged perp books. this is either the most elegant balance sheet play in crypto or the most circular liability structure since terra. no in between.

Ethena has been working closely with affected parties this week in a supporting capacity and is participating with a contribution into @aave's coordinated DeFi relief effort following the rsETH related incident. As part of a broader recovery initiative alongside other ecosystem participants, Ethena's contribution will go towards restoring the rsETH backing in support of an orderly resolution for stakeholders. Aavethena.

Ethena has no ADL "deals". Never has. ADL risk has been in the risk section of our docs since day one: ADL implementation varies by exchange, but generally follow a similar waterfall of applying ADL to accounts with the: i) highest leverage ii) highest roe/ unrealised pnl In contrast to others, Ethena sweeps pnl daily and runs zero leverage. It is therefore considered one of the lowest risk accounts on the exchange and sits at the bottom of the ADL waterfall as a result. As far as we are aware, there have not been any ADLs on BTC or ETH on the venues Ethena executes since 2018 on OKX. The vast majority of the backing sits in BTC and ETH on venues with a 8yr+ track record of not applying ADL to these assets, including on 10/10. Ethena has no special ADL deals, just basic risk management.