E184: @ethena CEO - Why @EthenaPay Feels Like Revolut, Not MetaMask @gdog97_ is the founder and CEO of Ethena. He stumbled into DeFi in 2019 when a friend showed him MakerDAO - taking out a $5,000 loan against $10,000 of ETH with no one standing in the middle of the transaction. Six years later he's running Ethena, which scaled to $15 billion in stablecoin supply faster than anything else in crypto history, and his thesis is that a dollar with a yield in an app that doesn't feel like crypto is what finally brings 100 million new users in. Timestamps 0:00 Intro 2:37 Which Of Guy's Plans Fell Apart 5:37 Where Actually Are The Users Everyone Wants 7:10 What Got Guy Hooked On Crypto 9:20 PayPal vs Revolut vs Neo Banks 12:43 Partnerships: @variational_io @Bitwise 13:36 Revolut vs Stablecoin Neo Banks 15:58 Is Switching To Neo Banks Really A 10x 18:00 EthenaPay, Explained Simply 21:21 Why Build Another Crypto Neo Bank 23:53 Will Crypto Banks Fight Over The Pie 25:55 How Ethena Wins Users By Helping Everyone 32:47 What Actually Makes Ethena Different 36:51 Ethena's Cashback System Revealed 38:32 How Ethena Cuts Fees 39:39 How Ethena Finds The Best Yield 45:16 Guy On Dealing With FUD 48:35 Why Guy Stays Quiet 49:29 Partnership: @KASTxyz 50:17 Ethena's KPI Targets 51:55 The Holy Grail For A Stablecoin Neo Bank 52:31 Partnerships: @JupiterExchange Ethena 53:14 If Everyone Does The Same Thing, Who Wins 55:23 What's Next For Ethena After EthenaPay 56:36 Is EthenaPay Basically USDe 58:04 Closing Thoughts