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Content
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kydo
@kydo
Can someone explain to me how does the Ethena’s off-exchange settlement work? It says that the asset is not deposited on a centralized exchange at all and only uses an “off-exchange settlement” mechanism.
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Thomas Humphreys
@so
Off-exchange settlement is a product of Fireblocks. Some exchanges have an agreement with Fireblocks to deposit user funds in their custody rather than on exchanges. So ethena trades pk exchanges based on their collateral on a fireblocks vault.
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kydo
@kydo
curious how does liquidation work for this off-exchange settlement mechanism.
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