I Don’t Think You Understand How Great Ethena Is Anyone can replicate delta-hedging at a small scale. Scaling to $5B and rebalancing collateral across multiple venues 24/7 is another universe; yet just 26 people (@gdog97_, @ConorRyder, @sshxbt, @n2ckchong, @lingchenjaneliu among them) keep USDe’s peg rock-solid every single day. That’s insane. Analytics, automation, and credit lines all balloon with size, making it nearly impossible to match Ethena overnight. Instead of parked dollars, Ethena holds ETH, BTC, SOL, LSDs, USDtb and shorts the same stack on Binance, OKX, Bybit (Hyperliquid probs next). Price zigs, hedge zags, net $1. When perps lean long, shorts collect funding; add staking rewards and USDe pays double-digit APY with zero printed subsidies. If funding turns negative, hedges shrink while reserve + staking carry the yield. Ethena’s edge is less about clever hedging math and more about what can’t be forked: - Institutional rails: You only run multi-billion shorts at Binance, OKX, Bybit if you’ve cleared the legal, credit-line, and custody gauntlet. - 24/7 risk desk: Bots rebalance exposure across venues in milliseconds; assets live with Copper/Fireblocks, not in hot wallets. One exchange hiccups, collateral evacuates before X notices. - Elastic yield. When perp funding is positive, USDe pays double-digit APY. If funding flips negative, Ethena dials hedges down, leans on staking, and taps its reserve. Execution, not the idea, is the moat. Next stop: $25 B float. iUSDe will wrap the same engine in compliance for funds and corporates. Telegram onboarding + the Converge chain pull in retail and TradFi simultaneously, a flywheel of liquidity → stability → yield. Ethena turns volatility into cash flow and does it calmly. If USDe scales like T-bills did in TradFi, we’re only in inning one.