UST collapsed from endogenous mint-burn loops and zero delta hedging in the context of a chaotic macro.
#USDe# is backed 1:1 by exogenous ETH/BTC long collateral and delta-neutral short perps, aka no reliance on ENA price and no onchain reflexivity, absorbing volatility and neutralizing price swings.
ENA also relying on OTC significant settlements eliminates slippage by routing large flows off-market, at at agreed prices off public order books.
$ENA thus becomes the macro immune clearing-layer for onchain FX. With 2021 LUNA peaking at $41B on flawed design, ENA easily commands $60B+ this cycle.
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$ENA is the cured resurrection of LUNA.
UST collapsed from endogenous mint-burn loops and zero delta hedging in the context of a chaotic macro.
#USDe# is backed 1:1 by exogenous ETH/BTC long collateral and delta-neutral short perps, aka no reliance on ENA price and no onchain reflexivity, absorbing volatility and neutralizing price swings.
ENA also relying on OTC significant settlements eliminates slippage by routing large flows off-market, at at agreed prices off public order books.
$ENA thus becomes the macro immune clearing-layer for onchain FX. With 2021 LUNA peaking at $41B on flawed design, ENA easily commands $60B+ this cycle.
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