DeFi

Can someone explain why isn't (or can't) Ethena built on Arbitrum (or any other L2s)?  The gas fees are atrocious frfr.

ethereum is more decentralized, trustless and stable (no sequencer failures). It will not take long before you can bridge liquid staked tokens can be bridged and you can also accumulate points or whatever via L2.

I don’t think this is it, sir. Deposits in Ethena end up in an MPC wallet that opens positions on CEXes, so it’s more likely that Ethereum mainnet is where capital needs to be for that reason.

Head of Community @nexusmutual | Safe Governance delegate | Researching risk in DeFi

The vast majority of LSTs are on mainnet and not L2s, so focusing on L2s doesn’t seem to be a massive priority for them. More likely people build on top of Ethena to provide that service.
Again, consider their audience—it’s not the average user on L2s. It’s high net worth individuals and funds.

You can bridge LSTs, sure, but it doesn’t make sense for what they’re doing. When you deposit in Ethena, those funds go into a custodial wallet and are then used to open perp positions on CEXes. 
It’s not the same as someone farming EigenLayer points.

Dont see a reason why they cannot bridge the staked tokens to other chains. Similar to the liquid restaked tokens where you can still farm eigenlayer points on L2
Capital will stay on ethereum but same goes for ETH which only exists on ethereum but can be bridged to other chains by escrowing it in bridges