Ethereum

Stablecoin superliquidity: all-weather GYD, yield-bearing sGYD, highly efficient liquidity pools (E-CLPs)

gyro.finance | linktr.ee/GyroStable

Some criticisms of Ethena seem misplaced once you appreciate the category distinction of what it is / isn't.

It is:
✅ A strategy that takes on certain high risks for possibly high variable yield.

It isn't:
❌ Designed to be a resilient stablecoin (e.g., compare to @gyroscope
 design) or a stable yield source.

🏗️🧑‍🔬 @gyroscope. Decentralized finance, applied math, network science. Prev: PhD at Cornell, analytics MBS/ETFs/indices

And that's ok.

As a strategy, it makes general sense and isn't a Terra. It shouldn't be expected to always be stable and profitable.

And diversity of strategies is a good thing.

And possibly someday @gyroscope will incorporate Ethena as one among many strategies within it. A more diverse asset space makes Gyroscope stronger as a risk control layer.

You can criticize Ethena for not having all sorts of fallback mechanisms in case rates go negative for too long, LSTs depeg, and various other things (counterparty risk, execution, forced settlement etc).

But if you want these things, you should really be using @gyroscope, which does focus on resilient mechanisms.