I like Ethena because the risks are obvious. Cash/carry trade w/ additional risk due using perps rather than dated futures. It carries less systemic risk but this is essentially the UST/Luna play of the cycle. USDe/ENA. Everyone knows how it goes down. Ride it up, and don't get left w/o a chair when the music stops.

Updating this since the S2 airdrop just went out. 

ENA has been down only since launch and recently made a breakout attempt that has been struggling to hold the 50 day moving average. 

Airdrops were in the form of sENA so we need to see how much impact that has on this rally attempt as people unstake and sell. 

The cash/carry trade itself appears to be perfectly safe for the time being and Ethena has diversified the trade effectively. I still like the outlook but most of my platform position is still in locked USDe and I’ll look to increase that once my sENA becomes liquid.