anyone building the Base native version of Ethena USDe?

_BasedUSD_ could execute the same carry trade but limit CEX and custody  risk to Coinbase & create another yield engine for Base

onchain finance enthusiast @vaultsfyi 🏦 , wallfacer.io

I think so? 

not totally capital efficient b/c you can only use USDC as collateral on Coinbase perps (and not cbETH)

but intl user could take USDC and
- buy cbETH
- use USDC as collateral for perps
- short ETH perp to collect funding rate

not sure on details for required margin, etc. and what APY you'd end up at

Can you do the carry trade from Coinbase?