📊 DATA: Ethena is moving USDe’s basis strategy into equity perpetuals, where recent funding averaged ~14% on Hyperliquid and 17.5% on Binance versus 2.2% for Bitcoin this year.

The catch: USDe still needs ~86% supply growth to unlock proposed ENA buybacks.

https://cryptoslate.com/ethena-is-targeting-the-120-trillion-wall-street-stocks-market-to-hunt-yields-5x-higher-than-bitcoin/

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