TechFlow News, Delphi Ventures partner José Maria Macedo stated on social media that projects aiming to imitate Ethena Labs will face significant challenges.
Macedo pointed out that unstaked USDe effectively doubles the basis yield for sUSDe holders, making it difficult for competitors to match.
Currently, about 50% of USDe is staked, and sUSDe stakers earn twice the yield compared to manual basis trading. For new entrants to be competitive, their yields would need to exceed double the basis yield plus the implied yield and risk premium from ENA.
Macedo emphasized that Ethena also holds other advantages such as brand recognition and first-mover advantage, and predicted that imitators will struggle to understand the strong network effects inherent in stablecoins. Macedo also disclosed that Delphi Ventures has invested in Ethena, and he personally holds USDe and ENA.
