DeFi

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

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.

Shared my thoughts below, but Ethena is designed for those with size and requires KYC. Perp markets on CEXes settle on mainnet, so that’s the primary reason.
If you want a delta-neutral flatcoin on an L2, check out @flatmoney on @base. Gas fees there are much better.

Steady growth, decentralized roots.
A based UNIT of currency.
https://flat.money/

Shared my thoughts below, but Ethena is designed for those with size and requires KYC. Perp markets on CEXes settle on mainnet, so that’s the primary reason.
If you want a delta-neutral flatcoin on an L2, check out @flatmoney on @base. Gas fees there are much better.
https://warpcast.com/bravenewdefi/0x9b1a20ed