Empire Ethena Founder: The Next Chapter For Ethena | Guy Young
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Sep 10, 2025 Guy Young, the founder of Ethena Labs and innovator in decentralized finance, dives into the future of Ethena and its business model. He discusses the potential of DATs (Decentralized Autonomous Tokens) to ignite a breakthrough for DeFi. Guy also shares insights on fundraising strategies amid market challenges and the exciting partnerships with Pendle and Aave. Furthermore, he offers valuable advice for aspiring founders navigating the complex crypto landscape, emphasizing the importance of growth in stablecoin technology.
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USD Issuance Is The Core Engine
- Ethena's core business is driven by USD issuance and the gross interest it generates.
- With current yields, modest market share creates large cash flows so Ethena targets $30–50B supply to scale revenue materially.
Overraise Lesson Led To DATs
- Guy admits Ethena overraised at a low price during the bear market and calls it a mistake he learned from.
- That realization led Ethena to design DATs (digital asset treasuries) to attract different pools of capital.
Liquid Capital Limits Token Liquidity
- There is limited liquid capital available to absorb large token unlocks, creating market pressure on new token issuances.
- Bridging TradFi demand into on-chain vehicles is essential to mature the market and sustain token lifecycles.