11min chapter

Unchained cover image

The Chopping Block: Starknet's Airdrop, Founder Challenges, and Ethena's Mainnet - Ep. 611

Unchained

CHAPTER

Exploring Athena: Novel Stablecoin Project in Crypto Finance

The chapter delves into the innovative stablecoin project named Athena, emphasizing its unique mechanics as a tokenized cash and carry trade with a high TVL and impressive yield. The discussion debates the sustainability and risks associated with Athena in comparison to other successful projects like Terra and Anchor, analyzing its approach in crypto finance involving spot assets and shorting perpetual futures. The episode also addresses Athena's strategies to ensure stability through an insurance fund, state D field, and potential protocol-level backstops, clarifying the yield distribution and market events affecting its sustainability.

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