Apparently, most of Ethena’s position on CEXs are losing money. Close to ~$370M.

When was the last we saw the counterparty risk this high?

Funding rate higher? Had to happen

Funding fee cash flows are an untapped gem. No one’s explored & built something for this. Heck, I’ll work on it myself.

I was pretty curious how Ethena would fair now. 

https://x.com/defiignas/status/1779248541451624545?s=46&t=LUwp6CEG8bj71wefilcCmQ

Other protocols listed here…

you probably don’t think about liquidity enough // it is what it is  // build value, not valuation

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