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Ethena

7 pieces · May 2024 to Aug 2026 · 1 flagship

Sectors

DeFi4 Perps2 Stablecoins2 L1/L21 RWA1 Privacy1

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Coverage per year

12024

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Start here · the strongest pieces on Ethena

Thesis21 Jan 2026A1 Research 2026 outlook: tokenization, prediction markets, privacy, agentsTL;DR of A1's 2026 outlook: tokenized stocks and private equity scale, stablecoin yield wars, parlays drive prediction markets, onchain credit scoring, production privacy tech, ZK prover competition and DePIN for robotics.Breakdown17 Jul 2025ETH rally market structure: funding-dependent liquidity and rented depthSummarizes an A1 x Caladan report: institutional delta-neutral desks short ETH perps against spot to harvest funding, so apparent depth depends on positive funding. Funding caps near 10.5% APR create a saturation point, and a funding flip could trigger a liquidity vacuum and cascading liquidations.Breakdown21 Aug 2026GTE returns: likely Hyperliquid rival on LayerZero's Zero with EthenaGTE, a former MegaETH incubatee with $25M+ raised, appears to be building a perp DEX on LayerZero's ZK-based Zero network with Ethena's USDe as the liquidity layer, based on a leaked page. Explains Zero's atomicity zones and how USDe holds its peg.

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2026 2

21 Aug 2026GTE returns: likely Hyperliquid rival on LayerZero's Zero with EthenaGTE, a former MegaETH incubatee with $25M+ raised, appears to be building a perp DEX on LayerZero's ZK-based Zero network with Ethena's USDe as the liquidity layer, based on a leaked page. Explains Zero's atomicity zones and how USDe holds its peg.BreakdownPerpsL1/L2Stablecoins

21 Jan 2026A1 Research 2026 outlook: tokenization, prediction markets, privacy, agentsTL;DR of A1's 2026 outlook: tokenized stocks and private equity scale, stablecoin yield wars, parlays drive prediction markets, onchain credit scoring, production privacy tech, ZK prover competition and DePIN for robotics.ThesisRWAPrivacyPrediction markets

2025 4

01 Aug 2025Ethena deep dive: why USDe retains capital (A1 Research report)TL;DR of the A1 Research Ethena report: about 70% share of yield-bearing synthetic dollars, 76% capital retention (above 85% under stress) and nearly all yield passed to USDe holders. Argues Ethereum-only concentrated liquidity beats multi-chain spread.BreakdownStablecoinsDeFi

17 Jul 2025ETH rally market structure: funding-dependent liquidity and rented depthSummarizes an A1 x Caladan report: institutional delta-neutral desks short ETH perps against spot to harvest funding, so apparent depth depends on positive funding. Funding caps near 10.5% APR create a saturation point, and a funding flip could trigger a liquidity vacuum and cascading liquidations.BreakdownPerpsEthereumMarket structure

06 Jun 2025DeFi 3.0 panel notes from The Crypto Valley conferenceConference notes: 1inch has processed 700B in volume (40B in May 2025), UX friction and liquidity fragmentation hold back adoption, and travel rule and AML requirements keep institutions out. Panelists stress incentives, B2B distribution and CeFi-facing infra.OtherDeFiRegulation

04 Jun 2025BasisOS: AI-driven delta-neutral basis trading on VirtualsSummarizes BasisOS, which automates long spot and short perp basis trades to capture funding yield like Ethena but with AI agents handling rebalancing, leverage and execution. Vaults run about 11.6% APY on $4.6M TVL, with a Virtuals Genesis campaign.BreakdownDeFiAI

2024 1

31 May 2024INIT Capital: Liquidity Hooks money market as a DeFi summer shovel playMakes the case for INIT Capital, a money market whose Liquidity Hooks act as permissionless plugins for leverage staking, looping and margin trading. Cites 25x TVL growth year to date and walks through point farming hooks on Blast and Mantle. Includes a referral link.ThesisDeFi

Often covered with

A1 Research39 GTE7 MegaETH46 LayerZero35 Paradigm7 Ondo11 Kalshi6 Zama17

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