These two photos say it all.
How we should recognize Ethena is as the No.1 player of the Synthetic Dollar (which shows stability pegged at $1 but provides yield through a Delta-Neutral strategy).
Just as there are $USDT and $USDC as Fiat-Backed stablecoins, we should recognize $USDS + $DAI as one $SKY ecosystem, positioning it as the number one decentralized stablecoin, and $USDe + $USDtb as one Ethena ecosystem, positioning it as the number one Synthetic Dollar.
Regarding the recently skyrocketed $SPK, if we had looked at the size between $USDS + $DAI earlier, we might have thought it was somewhat undervalued. I missed out because I looked too late.
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