Show notes
USDe shattered expectations in 2024, emerging as the largest decentralized stablecoin in circulation and a game changer for DeFi. Ethena’s founder, Guy Young, joins the show to reveal how the protocol surpassed long-established giants, generating billions in fees and setting new benchmarks for yield generation.Guy also breaks down the mechanics behind Ethena’s innovative strategies, including “Aavethena,” a yield-boosting approach that’s changing how users interact with synthetic dollars. Plus, he addresses the risks: what happens when leverage goes too far, and how Ethena mitigates volatility at its core.Will Ethena bridge DeFi and TradFi, leveraging the disconnect between crypto and traditional interest rates to tap into a $100 trillion fixed-income market?Show highlights:Why Guy was surprised to see the rapid rise of USDeWhy Guy is spending 80% of his time on bringing Ethena to TradFiThe launch of Ethena’s UStbHow regulation comes into play and the challenges in different jurisdictionsWhether USDe could launch in the U.S. with a friendlier administration Why Ethena hasn’t needed to utilize the reserve fundWhy Guy believes Ethena has been able, at times, to surpass OG protocols like Ethereum and Uniswap in feesHow USDe is being used across the board in DeFi applications What the “Aavethena” strategy is and how it generates yield for usersWhether USDe has brought considerable risks of liquidationsHow allowing Pendle’s PT tokens on Aave could supercharge growthHow Ethena counters the centralization risks around exchangesWhy Guy thinks that Ethena’s cross-chain strategy has been “pretty poor”How ENA has performed well despite airdrops not doing well in 2024Why Guy believes this bull cycle is different Why he’s expecting USDe to reach at least $15 billion in 2025Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!PolkadotRobinhood & ArbitrumGuest:Guy Young, Founder of Ethena LabsPrevious appearances on Unchained: Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?How Ethena’s USDe Challenges Traditional Stablecoin ModelsLinksUnchained: Ethena’s USDe Becomes Third-Largest StablecoinUStB announcementHow BlackRock, the World's Largest Asset Manager, Took Crypto MainstreamBlockworks Research thread on how USDe is usedAavethena tweet by Guy Young“androlloyd’s” tweet on the level of exposure USDe hasUnchained: Circuit Breakers: Is ERC-7265 the Solution dApps Were Waiting For?Seraphim’s tweet on the Ethena endgameTimestmaps:52:44 Guy’s target for 2025 Learn more about your ad choices. Visit megaphone.fm/adchoices
