Looking all the ethena.fi narrative (and somewhat drama), fascinating to see folks discover the basis trade like it's a new thing.
You can put in that position yourself, so what do you gain with ethena?
I guess it's execution risk vs smart contract risk.
Pretty sure ethena will execute the trade better than you will.

So either you execute yourself and risk messing up spreading across CeFi counterparties and managing your delta when you enter (at least it's using the perp so you don't have to roll, thankfully).
Or you use ethena.fi and have to trust their contracts and custody.

Data @ Dune
Prev. Coinbase, Skew, and Goldman Sachs.

Anyways, you can follow what's happening on this dashboard https://dune.com/noxiousq/ethena-usde
Because yes, there's always a Dune dashboard ;)