Delphi Ventures partner: The Ethena imitation project will face huge challenges

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On August 13, Delphi Ventures partner José Maria Macedo wrote on X platform that Ethena Labs' imitator project will face huge challenges. Macedo pointed out that unstaked USDe actually doubled the basis difference income of sUSDe, making it difficult for competitors to compete. Currently, about 50% of USDe is staked, and the profit obtained by sUSDe unstakers is twice that of manual basis trading. New entrants must be competitive, with returns exceeding twice the basis returns plus ENA implicit returns and risk premiums. Macedo emphasizes that Ethena also has other advantages such as brand and first-mover advantage, and predicts that imitators will have a difficult time recognizing the powerful network effects of stablecoins.

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