Podcast

PREMIUM: Ethena - A Crypto-Native Digital Dollar | Arthur Hayes & Guy Young

A new stablecoin design

Apr 16, 2024 • 1 min read

Today on the show, Guy Young, founder of Ethena, and Arthur Hayes, inceptor of the Ethena Idea walk us through the Ethena Protocol and the USDe Synthetic Dollar.

Because Ethena does not use dollars in a bank, USDe is an entirely crypto-native product. It uses crypto collateral, crypto’s centralized exchanges and perp venues.

This is an entirely new design construction of a stablecoin, but is it a better approach? That’s exactly what this episode seeks to answer.

TIMESTAMPS

0:00 Intro

5:32 Ethena’s Success

6:49 Defining Synthesized Dollar

17:42 What’s Different about USDe

21:39 USDe and the Stablecoin Trilemma

27:18 The Ethena Engine

35:49 Ethena’s Impact on Funding Markets

49:26 USDe Demand Side

58:37 Ethena’s Roadmap

1:03:55 Economical Consequences

1:14:14 Closing & Disclaimers

RESOURCES

Guy Young

https://twitter.com/leptokurtic

Arthur Hayes

https://twitter.com/CryptoHayes

Ethena App

https://app.ethena.fi/join

Ethena on X

https://twitter.com/ethena_labs

Crypto Hayes Substack

https://cryptohayes.substack.com/

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

There’s a revolution in the world of money. Ethereum, Bitcoin, crypto, open finance, DeFi—a bankless revolution. And you want part of it.

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