USDEUSDEEthena USDe
$0.99
24h
-0.04%
KarlKarl
16 Apr, 18:46

USDe tokenized basis trade success

Bullish-0.19%

AI Summary

The author expresses a bearish view on general DeFi tokens citing 80%+ drawdowns, but highlights Ethena's USDe as a successful exception with its market-neutral yield approach.

DeFi is broken and real yield is non-existent. Points system overinflated DeFi tokens, causing a majority to drawdown over 80% in value over the last 12 months. Ethena's USDe was a massive success as it tokenized the basis trade for majors, unlocking the concept of market-neutral, crypto-native yield.

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