The Rise of Ethena

After scaling supply to $2.3B in <1 month, USDe is now the fastest growing “stablecoin” of all time.

At the root of Ethena’s early success lies a fundamentally different approach to what the market has conceptualized as the “synthetic dollar” 🧵

Tokens are great.

They are way better than equity; investors vastly prefer token rounds to equity rounds despite equity generally offering more rights and protections. They are way more liquid than equity (for smaller projects). Way easier to get leverage on, and so on.

You can

Stoked to finally have my Jambo phone!

The Jambo vision to ignite crypto across emerging markets starts here:

• $99 web3 phone live in 100+ countries
• Pre-installed wallet + featured apps
• Teams will likely run airdrops
• Baked in earning opps

From a

Mars contributors have been quietly (too quietly) building for 6 months since the last major release (HLS)

The remainder of this year is going to see Mars really pull it all together to become an absolute DeFi powerhouse.

new features, tokenomics, improved UX and risk mgnt

1/4 @Mars_Protocol is in the enviable position of being supported by both the @OsmosisZone Foundation and the Neutron ✴️ Foundation.

Neutron is funding Mars development at $1.5M per year through end of 2025, and Osmosis has $2M of USDT deposited on Mars protocol.

Details 🧵

If you're at the SEC, pivot to crypto

I'm biased but this is imo the best report on Ethena Labs out there

Covers the bull case while providing the most comprehensive coverage of the risks that I've read anywhere

Whether you're a bull or a bear, this is a must-read

members.delphidigital.io/reports/the-ri…

Just like that a 5 yr mystery is resolved! We've been wondering who Leena was since we first invested in $RUNE ~5 years ago in 2019

While doing team DD Leena was the only person we couldn't find anything on at all. Even reverse image searching the profile picture came up blank,

pls no more Dubai liquidity jokes for the sake of our industry

Ethena has passed its first stress test with flying colours, whitstanding the biggest deleveraging event in ~1 year without a hiccup

TLDR:

-Funding: Funding briefly flipped negative, but not for long enough to go below the accrued sUSDe yield since Thursday, let alone touch

If you have a Puppet as a PFP, RT this and DM me

I’ll send you all the Bitcoin and Runes coverage we’ve had on Delphi Digital over the past week

Includes two markets reports, a report on Runes, as well as a calculator to figure out which to buy: PUPS BRC-20 or Rune Pups

A very talented friend of mine is currently looking for roles as a remote-first Chief of Staff / Ops roles ideally focused on health or consumer tech. Her experience:

* Investment banking training
* ⁠Venture building experience as Chief of Staff at a B2B gen AI startup
*

Funding rates back at 6%

If you study the history you will know that funding rate negativity is extremely rare, does not persist frequently, many reasons for this

The fud is entertaining though

Sharing a win while our cryptos are down since it made my day

Delphi ventures will hustle hard AF for you 🙏

Gud thread on leverage

Sooo are ppl still going to Dubai?