Ethena: Hyperscaling a Synthetic Dollar Protocol

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StableLab

27 episodes

6 days ago

StablePod is your gateway into the fascinating world of decentralized systems. Dive deep into topics like Decentralized Governance, DAOs, DeFi, and more as we engage in insightful conversations with industry leaders. Brought to you by StableLab, the leading provider of decentralized governance solutions and their applications. Join us on StablePod to broaden your understanding of this decentralized revolution.

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Ethena: Hyperscaling a Synthetic Dollar Protocol

StablePod

51 minutes 54 seconds

1 year ago

Ethena: Hyperscaling a Synthetic Dollar Protocol

In this episode, Seraphim, Head of Growth at Ethena Labs, joins us to discuss the rapid ascent of the Ethena Protocol. In our conversation, we explore the mechanism design choices used to build the protocol, its unique features such as its delta-neutral synthetic dollar and use of CeFi infrastructure, and discuss the partnerships and collaborations that have fueled Ethena's rapid growth. — ⏳ TIMESTAMPS 00:00 Intro 02:14 Seraphim's Journey 04:20 Why Seraphim Joined Ethena 5:25 What Ethena is 09:00 The Effectiveness of the Ethena Points System 11:29 Ethena's Integrations and Partnerships Across DeFi 14:14 Partnership with MakerDAO 15:35 How USDe is Different from other dollar-denominated assets 18:34 Ethena's Role in the DeFi Lego 20:48 The Protocol's Decentralization Plans 23:50 Challenges the Team Has Faces 25:32 What Aspects of the Protocol are Decentralized 27:04 How far can Ethena scale? 28:46 Growing Decentralized Onchain Perps 30:24 Criticism: Ethena has Grown Too Quickly 32:29 Stress Testing 34:59 What Ethena is Doing to Further Secure Itself and Provide Transparency 36:33 Covering Shorts and Saving the Market 38:17 Comparing Growth and BD at Lido, Euler, and Ethena 41:04 Criticism: Ethena's Custodians can be Censored 43:20 Criticism: DeFi Shouldn't Touch CeFi 44:40 Decentralized Protocol UX 46:38 DeFi Risk Management and Self-Regulation 48:29 DAO Governance is Cool - Seraphim 50:20 Ethena's Future Plans 51:22 Outro ✏️ SHOW NOTES ▸ https://ethena.fi/ — 👋 FOLLOW US ▸ StableLab https://x.com/StableLab ▸ Juan https://x.com/0xCadena ▸ Gustav https://x.com/GArentoft ▸ Seraphim https://x.com/MacroMate8 ▸ Ethena Labs https://x.com/ethena_labs Subscribe to our Weekly Newsletter ⁠https://stablelab.substack.com/⁠ Subscribe on YouTube ⁠/ @stablelabxyz⁠ Subscribe on Spotify ⁠https://open.spotify.com/show/33O3eLP⁠ Subscribe on Apple https://podcasts.apple.com/us/podcast... — ⚠️ DISCLAIMER The information in this video is for informational purposes only. You should not construe it as investment advice, tax advice, or legal advice, and it does not represent any entity's opinion but those of the speaker(s). Juan, Gustav, and our guests may hold positions in the companies, funds, or projects discussed.