Stablecoin APY 27.64%, will Ethena go back to Luna?On February 19, Ethena Labs announced the launch of the mainnet and also launched a Shard Campaign. The main product of the project is the decentralized stable currency USDe, and this week the APY showed 27.64%.With such a high return, it’s hard not to compare it to UST. After all, the 20% provided by Anchor is still fresh in our minds.Perhaps it is the support of the major exchanges Binance+OKX+HTX+Kraken (source: Rootdata) and the top crypto industry market maker GSR+WinterMute, or perhaps the stablecoin earnings of DeFi Summer are unforgettable.Even after UST's epic tens-billion collapse, Ethena is still hot. As soon as a pool of tens of millions of dollars is opened, it reaches its upper limit in the early morning.People in the Defi circle often say that if you don’t know where the project revenue comes from, then it comes from you.In fact, most Crypto people can understand the source of USDe’s 27% APY.In one sentence, it can be summarized as: “ETH’s LSD income + ETH’s perpetual short selling rate income”Because the collateral assets of USDe are composed of spot ETH + perpetual ETH short positions held by the project party.In this way, it is understandable that Ethena can have such a rapid rise in USDe. After all, the short rate in the bull market is enough to support the APY of 27.64%.But in fact, more depositors are paying attention to Ethena’s airdrop opportunities. It is reported that when the number of USDe reaches 1 billion, the project team will announce the time of the airdrop event. As of press time, the number of USDe has reached 384 million.At the same time, we were encouraged to achieve our goals faster and launched a Shard Campaign. Obviously, the number of Shards will determine part of the airdrop distribution.I don’t dare to predict how long Ethena will last, but based on previous experience, early participation will definitely be profitable.However, after experiencing so many stablecoin turmoils, how much trust can people have in stablecoins in the long term?
