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Cryptocurrency exchange BitMEX’s founder Arthur Hayes drew attention with a risk radar graph provided for Ethena Labs’ USDe stablecoin. The graph, presented by IntoTheBlock, examines USDe’s stability and performance in detail. Blockchain reporter Colin Wu’s team also highlighted this development in a recent article.
The Graph Provides Important Measurements to Prevent Another Terra Catastrophe
The graph covers key metrics such as USDe Peg Monitor, sUSDe Price Performance, and USDe DEX Liquidity. It also includes analyses such as USDe price deviation by protocol or pool, volatility distribution, and curve pool asset distribution. Additionally, it offers a more comprehensive picture by monitoring DEX exit fee simulation and DEX pool concentration.
The radar graph also sheds light on critical issues such as Ethena’s USDe and stETH Market Depth, providing valuable information for traders and investors. This effort comes at a time when there is increased scrutiny on the sustainability of Ethena’s USDe. The protocol is trying to alleviate these concerns by offering an impressive return of 37% for stakers.
Ethena’s Strategy Under Scrutiny in the Crypto World
The strategy of the cryptocurrency Ethena involves capitalizing on price differences between spot and futures markets and has proven profitable especially in an environment where token prices rise and funding rates increase.
However, industry experts express concerns that this strategy may succeed in a bull market but fail to maintain stability in a bear market. This skepticism becomes more pronounced, especially when comparisons are made with Terra Luna’s UST.
The value of USDe was below $350 million at the end of February when the article was written, but it has since surged over 400% to more than $2.39 billion. Ethena has achieved an impressive revenue exceeding $25 million in March alone.
These figures indicate that the cryptocurrency Ethena is gaining increasing interest and value. At the time of writing, the price of Ethena (ENA) is trading at $1.25. ENA was listed on the cryptocurrency exchange Binance in the past weeks, and after the listing, the price of Ethene (ENA) had risen above $1.50.
