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Monteluna
@monteluna
Something just worries me about Ethena. The USDe is a long ETH, short ETH-USD perp synthetic, and that screams bad to me. There's plenty of times when the perp funding rates are negative or even the spread becomes massive between spot and perp markets. I'm not sure I would call this a "dollar" at all.
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aboutlo 🎩 🦇🔊
@aboutlo
Many are ringing the bell: https://x.com/tbr90/status/1759846452761686179?s=46&t=trwIpDxkZnCuFB9MvNhLlA
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