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The guy is a complete fraud no evidence of him doing zilch prior to this basis trade.

amazing video mate really cool great evidence

Actually I kinda changed my mind on this. It may be that TVL plummets for a while but the difference with UST is that, due to the double position taken up, USDE will always be fully backed no matter what the market does. Yes, APY may drop to zero, but it will still be fully backed. It's a relief actually because it means there is no systemic risk.

"doomed to fail" is a bit harsh word. The scenario you've outlined - involving extreme market conditions leading to a potential failure of USDE - is indeed a plausible risk for stablecoin protocols like Ethena. Let's break down how this could theoretically unfold: ETH Price Crash: A sudden, severe drop in ETH price (e.g., 50% or more in a short period) occurs. Market Liquidity Dries Up: Simultaneously, liquidity in ETH markets (spot and futures) becomes extremely thin. Hedging Difficulties: Ethena's delta-neutral strategy relies on adjusting positions in ETH perpetual futures. In this scenario, it might be unable to execute these trades effectively due to low liquidity and high volatility. Collateral Value Drops: The value of ETH collateral backing USDE decreases significantly. Increased Redemptions: Users, concerned about USDE's stability, start redeeming their tokens en masse. Liquidity Strain: The protocol struggles to process redemptions quickly due to market conditions. counter-argument: Timeframe: Typically, we'd be looking at a 50% drop occurring within 24-48 hours to create the kind of shock that could seriously stress Ethena's systems. Why such a short timeframe matters: Sudden moves don't allow time for gradual adjustments to hedging positions. They can cause cascading liquidations across the broader crypto market, exacerbating price moves and liquidity issues. Rapid drops can overwhelm exchange order books, causing severe slippage. counter-counter-argument: Historical context: While not common, such rapid drops have occurred in crypto markets: On March 12-13, 2020 (the "COVID crash"), ETH dropped about 50% in less than 24 hours. In May 2021, during the initial Terra/LUNA collapse, ETH dropped about 30% in a single day. Impact on Ethena: A drop this rapid could: Potentially outpace Ethena's ability to adjust its hedges. Cause liquidity in perpetual futures markets (which Ethena uses for hedging) to dry up quickly. Lead to a spike in redemption requests from USDE holders, further stressing the system. counter-counter-counter-arguemnt: here is so potential approaches for them to protect themselves: Enhanced Collateralization: Maintain a higher collateralization ratio than the minimum required Use a diverse range of collateral assets, not just ETH Improved Hedging Strategies: Implement more sophisticated delta-neutral strategies Use options in addition to perpetual futures for more robust hedging Develop automated systems for faster response to market movements Liquidity Reserves: Maintain substantial cash or stablecoin reserves for handling redemptions Establish emergency liquidity agreements with other DeFi protocols or centralized entities Circuit Breakers: Implement temporary pauses on minting or redemptions during extreme volatility Use gradual slow-down mechanisms as market stress increases Advanced Oracles: Employ multiple independent price oracles to ensure accuracy Implement outlier detection and fail-safe mechanisms for price feeds Insurance Fund: Create a dedicated fund to cover potential shortfalls in extreme scenarios Stress Testing: Regularly conduct extensive stress tests simulating various market conditions Adjust risk parameters based on test results Gradual Redemption Mechanisms: Implement a queue system for large redemptions to prevent sudden liquidity drains

Well i dont know at this point

good video! new subscriber!

thank you. you may have saved me from bankruptcy 😊

Is the project of "VOID" (on Base Chain) sustainable or even good, it aims to acts as an index fund for Base it has created liquidity pools with like 10 projects and says it will just continue to expand, it withdraws 1% from its main liquidity pools on a timer and uses that money to create liquidity pools and pairs with other promising tokens and burns VOID but like is this even sustainable?

Shitcoin conference.

Hey blockchain guy, ignore the haters in the comments. This was a great video with good reasoning. You are reacting off the fly and people are expecting you to have hundreds of references and dispute all points with scientific reports.

Fantastic video!

You wanna update this with meme coin deployment and burn tokens and revoke tokens etc, and using Coinbase wallet and BASE?

Why are you assuming ethena can’t close the trading positions once funding rates go negative? They can exit the perpetual futures market at any time. So if they do that, bottom APY would be 0% rather than negative

Thanks for the analysis. pleace where is SDAI renting 15%? Also i will like to se how to put the trade yourself.

literally everything in crypto crashes in the bear markets.' just enjoy the ride, and time out before crash.

Serious question if I buy $10k ENA and do a $10k short on usde, is it basically a risk free investment on ENA?

ENA TO ZERO !!! opened a $10000 short position @ $1.04 🎉🎉🎉 free 10k

What fundamental reasons ensure that funding rates will consistently remain long, and how does Athena plan to navigate potential negative funding rate scenarios effectively? Could you do more videos on RWA altcoins?

Why is it crashing right now, brother?

What is the link to tutorial to do the trade ourself?

scam like all crypto except the digital asset like Btc

Good info. thanks man!

Scam Bankman Fraud 2.0

They have built in misalignment between the protocol and its users into the design

when i heard first time of ethena first thing was ltcm fund

great analysis as always It's a shame that with coins like this the market can stay dumb longer than a short can stay liquid. If Ethena expected APY swings really low on pendle I may short USDe (or sUSDe) tho.

thx for the analysis. good stuff! i realized now that you predicted the luna crash MONTHS before another guy on youtube who - i thought- did it very early. but no, you did way earlier. would love to see more of your stuff. im also interested in the trade (last point of your video). thx mate

Great to see you coming out with new content. Hopefully we will see some more new videos including your suggested tutorial. Thanks again for your thoughtful perspective. What do you think of Gyroscope and GYD?

Thanks

Very indepth analyais and provided another angle to this very well done

Dont like the tokenomics.. its awful

Ape Society on Base soon🔷

does it support Immutable chain or immutable zkevm?

can you send contract calls like mint function of a NFT contract where only a owner could call that function can I make the safe wallet as the owner so before minting we gotta take permission from multiple people in the safe

hex freaking hacked my twitter account

Everything he is saying is right...where are all the big shot hexagons now..wheres the race car where are all there parties in any Ponzi scam if you're one of the first people in you're going to win a lot of Bernie madoff's first investors that went in and out and took the money they won.. but it was stolen money..RH stoled all the sacrifice money for pulse chain and pulse X... The US government is after him now He's probably going to end up sharing a cell with R Kelly.. he thinks he's hiding but anybody can tell you where he's at He's usually in Finland.. A lot of people want their sac money back and want to go to his house and get it.....

I have some questions about this season, can we talk? I'm one of the founders of MusicaW3 project

This aged well 🤝🏾

Send transaction to another wallet its 2FA verification ?

XDC will kill Ethereum! XDC is the REAL Ethereum Killer! 😎👍

Funny to read the comments and see the price now 😂 Karma for all the insults 🎉

Teach us how to farm for airdrops on base plz 🎉🎉🎉

'It's only a scam if someone falls for it.' Or buys into this god-aweful claptrap of a system.

The Dencun upgrade is what ETH needed. Now the Layer II's will benefit tremendously. This will be exciting for L2/L3 solutions like Loopring. Especially as Vitalik supports loopring and its fundamentals.

algo

From the time of this video was uploaded. Pulsechain has gone up 400%

Appreciate your concern to voice out scams but Olympus Dao and the genaral invention of DAO protocols shouldn't be udermined so quickly. I understand all your rebutals but when you consider the other more traditional Pyramid schemes you forgot how much more inefficient they are compared to blockchain technology yet many still survive for years. Especially, how can you criticize Olympus without criticizing the frlederal reserve? Isn't the federal reserve even worse while we watch the gov print and expand the supply of dollars devaluing everything we buy? So what's the difference? The only difference i see, sounds like You simply have more trust our federal reserve than a decentralized atonomous blockchain system that doesnt require paying middle men or the bankers. Our fiat cash also requires faith in value. Secondly just because you or anyone you know doesn't understand it doesn't mean no one does. I wouldn't consider DAOs scams just because people don't believe in it or the value of the token drops. The whole crypto market along with stock market dropped around the same time. so to single out Olympus seems a bit overreaching.

PROOF OF TWERK you all have been fleeced. GG

amazing video, explained so so so well better than the online docs

order of magnitude:)