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Bit_Rase76
Bit_Rase76
$ENA — Not every dollar-linked crypto asset uses the same mechanism to maintain its value. Ethena's USDe uses a synthetic-dollar model involving crypto assets and offsetting derivatives positions. This differs from a conventional stablecoin backed primarily by cash and cash-equivalent reserves. The design introduces important considerations, including funding rates, exchange and custody exposure, collateral management, and redemption liquidity. Market participants should understand how the

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