Is Ethena Legit?

As requested by some members of this subreddit, I did a deepdive into the new protocol, Ethena, and the 60% APRs they're offering on their new token, USDe. I wanted to see whether this protocol was legit and to write an article breaking everything down simply.

I hope this helps you. I'm also here to answer any questions.

The TL;DR is that it's not a scam and the yield is legitimate (coming from the funding rate of perpetual shorts and native ETH yield. But you should really understand what's going on behind the scenes because this is not your normal stable coin and there are additional risks to consider.

https://open.substack.com/pub/theblockprint/p/an-honest-review-of-ethena?r=1b8e3&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true