ogcapital
@ogcapital
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Why Isn’t $ETH Growing in This Cycle?
Ben Lilly, an analyst from Jarvis Labs, suggested that one reason Ethereum is lagging behind Bitcoin in this cycle could be related to none other than Ethena, your favorite DeFi platform.
Here’s a breakdown of the reasoning, supported by data and charts:
⬇️ When ETH starts to rise, funding rates increase, and TVL (Total Value Locked) flows into Ethena. This creates short pressure on ETH’s price, as illustrated by the ETH/BTC chart.
⬆️ When TVL exits Ethena, there’s a temporary rebound effect on the price.
Given Ethena's massive TVL, this effect impacts the ETH market more than BTC, due to the relative size differences between the two markets.
Additionally, the growth of investments in basis trading products such as Ethena, Resolv, and Midas mBASIS acts as a counterbalance to ETH price movements. As a result, Ethereum is evolving from a speculative asset into a more utility-driven and savings-oriented one. 0 reply
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Berachain Launches Pools with Ethena
Recently, the project introduced several pools where users can deposit Ether and Bitcoin to farm rewards across multiple projects. Detailed information about these pools and the farming mechanics can be found in the linked post.
In the latest update, the project launched another pool in collaboration with Ethena, which will also support the Concrete protocol. This time, stablecoins are required: $USDe, $sUSDe, $USDC, or $USDT.
As with previous pools, withdrawals will open in a few months, so participants need to wait for Berachain's full launch or additional liquidity pools similar to Uniswap.
👉 Pool Link: https://ethena.concrete.xyz/
Multiplier System:
Ethena: 30x boost for $USDe, 5x boost for $sUSDe.
Concrete: 4x.
Bera: 1x.
Kodiak: 1x.
Dolomite: 1x.
For more details, check the linked article.
If you have idle stablecoins, this looks like a no-brainer, especially if you’re already participating in Ethena’s third season, which began a few months ago. 0 reply
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