Andre Cronje, the Chief Technology Officer of Fantom Foundation, for example, has highlighted that USDe’s model may only hold in bullish market conditions, and its resilience in a bear market is unproven, drawing parallels to the collapse of Terra-Luna. Secondly, given the growing efficiency of the crypto market, the profit margins, known as the basis spread, could narrow, reducing the profitability of USDe’s high yields in the long run.

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