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The Defiant - DeFi Podcast
How USDe Pays The Highest Stablecoin Yield | Ethena Founder & CEO Guy Young
Mar 4, 2024
01:07:10
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Founder of Ethena Labs discusses innovative stablecoin model USDe, off-exchange risks, ETH short positions, insurance fund, scalability, new collateral, depegged ETH, use cases, airdrop, biggest risk, success, and revenue potential in DeFi landscape.
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Quick takeaways
- Ethena offers a high-yield stablecoin 'USDe' with a novel decentralized savings option called 'Internet Bond'.
- Ethena mitigates stablecoin risks by utilizing a crypto-native model, emphasizing yield incentives and addressing regulatory challenges.
Deep dives
Athena's Genesis and Core Changes
Athena Labs introduced a stablecoin with a high yield, attracting significant attention and capital. The founder, Guy Young, highlighted the journey from traditional finance to crypto and the inspiration behind Athena. They modified Arthur Hayes' concept, starting with State Ethereum as collateral over Bitcoin for better yield stability. To scale, they strategically accessed centralized exchanges but minimized exposure through off-exchange custodial solutions.
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