Ted Chen @tedchenCPC

It’s happening…. $USDe everywhere.

The cashback on @EthenaPay is insane. So far, I’ve had a great experience using the product. Even though it’s still in beta and not very feature-complete, it definitely has the potential to be one of the top neobanks once it’s available to everyone.

@Cryoto_Ghost23 @EthenaPay Phased roll out per the docs. Assuming it’s coming soon. Sign up to stay on the waitlist!

"building night and day, for the benefit of tokenholders" is the quote I used to describe the @ethena team. Never ever doubt the silence again fam.

Markus N. Reitan @MNReitan

5 days ago

Hadde egentlig avskrevet dette caset Men nå ser det faktisk ut som at radiostillheten fra @ethena ikke signaliserte kapitulasjon men bygging og eksekvering Hva tenker degen gjengen her inne?

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x.com/i/article/2095…

Ethena Pay offers up to 6% rewards on dollar balances, so money starts earning the moment it lands. Nothing to stake, nothing to lock and nothing to opt into.

the ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 fee switch vote has officially passed on snapshot buybacks will begin when the first milestone of a 7.5bn USDe supply is reached, with buybacks scaling up alongside successive supply milestones see full details in their article x.com/EthenaFndtn/st…

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Ethena Foundation @EthenaFndtn

2 weeks ago

ethena.fi/blog

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Inside Ethena's new neobank built on AVAX @EthenaPay is live — a consumer neobank from the dollar issuer itself, not a card wrapper on someone else's stablecoin. Exclusively on @avax. @gdog97_ and @JohnNahas84 on Layer One with @imyoungsparks: OUTLINE 00:00 Open 02:10 EthenaPay Overview 03:10 Save, Send, Spend 06:25 Why Avalanche 09:04 Direct to Consumer 13:20 Invisible Adoption 18:00 No Ethena chain 21:02 C-chain today 24:54 EthenaPay versus other crypto neobanks 27:46 Embedded finance 36:06 RWA perps 39:18 Black Opal 42:00 Buybacks, Labs IP 43:33 Close

💯agree

lito @litocoen

4 days ago

a lot of people have asked me what it’s like working with Guy since i joined as an early backer and supporter, i always had a high opinion but it’s actually way more impressive once you see it from behind the scenes the ability to blaze full steam ahead and operate a hundred

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If you have exposure to @ethena through $ENA or $USDE, this is a must read on why @ethenaPay isn’t only a consumer app play but a continuation of an ongoing strategy of expanding access and utility to $USDe.

Ethena Pay @EthenaPay

5 days ago

The Ethena Pay product and thesis, explained. Why we built it, how it works, where it's available, and what's coming next. Read it below:

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@stablecoin_x 🤝 @IndexLitro

StablecoinX @stablecoin_x

5 days ago

Energy Notes need a yield layer and cross-chain movement to work. The StablecoinX Harness handles both through one integration. Good to be building with @IndexLitro

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The Fee Switch vote has passed, with 100% of votes in favour. The fee switch milestones are now activated and programmatic ENA buybacks will begin and scale higher as metrics and milestones are reached. Snapshot vote results linked in tweet below:

Ethena Foundation @EthenaFndtn

2 weeks ago

We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below: 1. Buyout of early investors: The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any

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@Evan_ss6 @AltcoinPsycho Warrant arbitrageurs.

Both correct. Please refer to the recently filed S-1 for specifics, but at a high level, the public warrants that trade under $USDEW have an exercise price is $11.50. Holders can exercise these when the common stock is above $11.50 so long as the shares underlying the warrants are registered - hence the S-1 filing recently. Company can redeem them on a cash basis if it trades above $18 for 20 of 30 days as you noted, or on a cashless basis between $10-$18. But the strike price remains $11.50.

@stablecoin_x S-1 is much more interesting than it looks. At first glance, it’s a tiny public company with a huge $ENA treasury and a very small operating business. But read between the lines, and the filing reveals something much bigger: how @ethena is connecting ENA, digital dollars and traditional financial markets. sec.gov/Archives/edgar… 🧵

@BrotherMan998 @ethena I believe your read is correct. Presumably these people that refused to sell from 60c in Oct ‘25 through 8c a few weeks ago, including an offer to acquire at spot, are going to hold vs sell at these prices post Oct 5. Let’s see!

For those new to the @ethena story, let me highlight what $ENA bears argued and why those pitches now land flat. 1. VCs are dumping ENA as monthly unlocks happen Yes this was happening. Why? @ethena has been such a successful that early investors had an estimated cost basis below 2c. That made selling any tokens unlocking at even 8c a 4-bagger. Many crypto VC funds (like many VC funds generally the past 6 years) also faced low DPIs, resulting in pressure to realize winners and make distributions. This made ENA an easy sale for many funds. Ethena was essentially a victim of its own success. Yesterday’s announcement of buying locked tokens from sellers and unlocking the remaining tokens resulted in: (i) sellers being taken out of the market; (ii) a reconstituted tokenholder base to those that believe in ENA’s long term value (as evidenced by none of them selling any ENA since Oct 10); (iii) allowing fundamental buyers who have stayed on the sidelines fearing the unlock supply to now enter the market; and (iv) a larger the float and less ability for people to game an “unlock schedule” Traditional IPOs usually only have one date for the lock-up period to end and that’s because multiple unlocks perversely dissuade buyers from stepping into the market. It is almost always better to “rip off the bandaid” in one shot, with one caveat: if there are liquidity constraints on the demand side. Token trading is notorious for having thin real volumes (side note: market making is a great business), and so a monthly unlock schedule does have some rationale here. But it also creates less demand on the fear of supply-side pressures, leading to a death spiral on price and volumes. The fact Ethena was able to release the remaining unlock and have ENA rip just shows you how much this phenomenon kept demand sitting on the sidelines. 2. ENA accrues no value @gdog97_ has consistently said in the past that residual value, after payout to support competitive $USDe returns, would only accrue to ENA tokenholders. But with the original fee switch parameters being met last September, and no subsequent communication until yesterday, it was easy for bears to latch on to this thesis. Why was there no communication? I don’t know, but just look at the numbers. It should have been clear to anyone who could do basic math that with the crypto basis trade yielding less than t-bills, there was no surplus protocol revenues to allocate to a fee switch. That’s why Ethena’s diversification of backing assets into basis on equity perps, tokenized RWAs, and institutional lending is such an enhancement for USDe. These backing assets allow USDe to generate excess returns above t-bills through all market cycles and allow for a fee switch to be active even in crypto bear markets. All of this work over the past 10 months to enhance USDe returns is why the fee switch framework couldn’t be announced sooner. The silence wasn’t because the team was “rugging tokenholders” as bears liked to say. It was because the team was building night and day, for the benefit of tokenholders, to get to a point where activating the fee switch wouldn’t create competitive harm to USDe. To crystalize and remove all doubt of where value accrues, the team even moved/licensed all material Ethena IP to the Foundation. Any question on how and whether ENA accrues value was, without a doubt, put to bed yesterday. ENA’s price action the past few days, including its resilience the past 12 hours relative to the rest of crypto, is evidence both bear theses are now sidelined. One last point: May 2025, USDe supply was only slightly higher than levels today while ENA consistently held 30c. Today, USDe is an enhanced product with wider distribution through announcements/partnerships/integrations with Kraken, Coinbase, BlackRock, Janus Henderson and Robinhood/Morpho to name a few. 16c sounds great from where ENA was at 8c recently, but all things considered, 30c is where we should be today.

Ted Chen @tedchenCPC

2 weeks ago

This is huge in many ways and will have some thoughts later today, but the TLDR is $ENA up and away!

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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

Here's what happened @ethena in August: • Launched @ethenaPay, the internet money neobank. • The Ethena Foundation announced a major ecosystem update: the buyout of certain seed investors' locked tokens, unlock of additional VC tokens to alleviate future unlock overhang, principle agreement on a Master Framework Agreement with Ethena Labs, and proposed fee switch activation directing up to 95% of net revenue to ENA buybacks. • Published the next phase of USDe backing diversification: extending the basis trade to equity perpetuals. • Partnered with @FalconXGlobal, a leading digital asset prime broker, as an institutional lending partner. • Ethena-powered dollar savings went live on Kraken+ in the US via @krakenfx. • USDe became one of the fastest growing dollar assets on @RobinhoodCrypto, crossing $300 million and representing ~40% of total digital dollar supply on the network. • Ethena assets in the @coinbase DeFi earn product crossed $300 million, a new all-time high. • @maplefinance selected Ethena's GENIUS-aligned stablecoin USDtb as a core holding within the USD liquidity buffer supporting syrupUSDC and syrupUSDT. • USDT mints for USDe became free at 0bps for all onboarded mint and redeem users.

$ENA has got back on my radar recently. Not really because of one catalyst, but a few things are starting to connect in a way that makes @ethena much more interesting to me again. Sharing my $ENA thesis below. 1/ First is the yield side. USDe supply is now much lower than the peak while leverage across crypto has also been flushed pretty hard. Normally you would think this is bad for Ethena because less leverage means lower funding rates and therefore less yield. But I think the setup from here is actually quite interesting. With less USDe supply competing for the same basis trades, any recovery in funding should translate into much better economics per dollar of USDe. At the same time Ethena itself is trying to expand beyond crypto basis trades. Their recent piece on extending the basis trade to equities perps is probably the most interesting example. The idea is basically to expand the pool of assets where Ethena can harvest the spread between spot and derivatives instead of depending mainly on BTC and ETH perpetual funding. So the yield engine is slowly getting broader exactly when crypto leverage is relatively low. If leverage comes back later, that's upside rather than something Ethena needs to survive. 2/ Then there is "Ethena Pay". This is probably the part I like the most. Ethena is no longer just building the dollar and hoping other apps distribute it. They are starting to own the distribution themselves. You can now keep money in Ethena Pay earning around 5% on the Standard tier, then spend directly through the card and get 4% cashback on the first $2.5k of monthly spend. For crypto users those numbers are already attractive, but the bigger point is what it does to USDe. Everyday spending becomes another distribution channel for the stablecoin. Someone doesn't necessarily need to understand basis trades, loop sUSDe on Aave or even care about DeFi anymore. If the product is good enough, they can simply keep dollars there because the balance earns and the same balance can be spent normally. That is a much healthier type of demand than relying purely on leverage farmers. And it feeds directly into the part of the $ENA thesis I think the market is only starting to price: 3/ The fee switch. Ethena proposed a new framework where ENA buybacks scale together with USDe supply. The first threshold is a 14-day average USDe supply of $7.5B, where 5% of protocol revenue starts being captured for buybacks. Then: $10B USDe → 10% $15B → 15% $20B → 20% Ethena also said that once the first threshold is reached, 95% of the net revenue flowing to the Foundation from its three core businesses will be used for ENA buybacks. Those businesses are USDe savings, white-label stablecoins and a third product Ethena teased as "[X]" right before Ethena Pay launched. So this is where Pay becomes especially interesting to me. Even ignoring whatever direct card economics Ethena eventually earns, Pay can grow the amount of USDe sitting inside the ecosystem. More balances in Ethena Pay = more USDe demand. More USDe = more backing assets for Ethena to generate revenue on. More revenue + higher USDe supply = eventually more dollars flowing into ENA buybacks. That's a much cleaner flywheel than the old version of the Ethena trade. And the scale can actually become meaningful. The Risk Committee backtested the proposed mechanism across 705 days of Ethena data. At a 6% protocol APY, they estimate the annualized buyback capacity at roughly: $7.5B USDe → $22.5M $10B → $60M $15B → $135M $20B → $240M Obviously those numbers aren't guaranteed. Revenue changes with market conditions and the $15B/$20B levels haven't been tested historically. But it finally gives $ENA a pretty simple way to think about value accrual: USDe grows → Ethena earns more → part of that revenue buys ENA. Then comes the part I'm probably most interested in trading around. 4/ October 5. Ethena decided to accelerate the remaining investor vesting and unlock basically the whole remaining investor allocation in one shot. Roughly 1.4B $ENA hits the circulating supply, around 14% of current supply. That's obviously a huge unlock. But instead of looking at it purely as 1.4B tokens coming to market, I'm looking at what happens after it. Without the acceleration, investors would have continued receiving tokens every month until 2028. Now that entire overhang gets compressed into one event. So October 5 could become the final major investor supply reset. I'm not assuming unlock day = bottom and straight up from there. There can obviously be selling before and after the unlock. But once the market absorbs it, one of the biggest structural reasons to constantly discount $ENA disappears 17 months earlier than expected. That's the setup I'm looking for. My play is basically to see how badly the market prices the October unlock, then look for the point where everyone is still focused on the supply shock while the recurring investor overhang is already gone and the new Ethena flywheel is starting to show up in the numbers. This time Ethena can potentially grow with less leverage and much more organic demand. That's why $ENA is back on my radar.

@cryptrus 🤣🤣🤣