DeFi

Can someone explain why isn't (or can't) Ethena built on Arbitrum (or any other L2s)?  The gas fees are atrocious frfr.

ethereum is more decentralized, trustless and stable (no sequencer failures). It will not take long before you can bridge liquid staked tokens can be bridged and you can also accumulate points or whatever via L2.

Head of Community @nexusmutual | Safe Governance delegate | Researching risk in DeFi

Dont see a reason why they cannot bridge the staked tokens to other chains. Similar to the liquid restaked tokens where you can still farm eigenlayer points on L2
Capital will stay on ethereum but same goes for ETH which only exists on ethereum but can be bridged to other chains by escrowing it in bridges

I don’t think this is it, sir. Deposits in Ethena end up in an MPC wallet that opens positions on CEXes, so it’s more likely that Ethereum mainnet is where capital needs to be for that reason.

This and liquidity from whales. Ethena was open to whales for many months now, that's their user that does not care about gas fees that much as their deposits were 50k from the beginning