Ethena's USDe, SEC vs. Ethereum, DeFi Civil Wars
This Week on Unchained: Don't miss the interviews with Guy Young, founder of Ethena Labs, Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law.
This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion.
In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena’s governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ether (ETH) as a security.
Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.
The guests speculate about the hidden motivations behind the SEC’s investigation and discuss the likelihood of the approval of spot ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase’s wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed.
Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ether is a security and what they are looking out for in the next couple of weeks and months.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
In this episode, amidst the crypto bull market’s fervor, the boys dissect the launch of Ethena and its repercussions, including a potential DeFi civil war spurred by integration disputes between MakerDAO and AAVE. The conversation then shifts to the broader implications of SBF’s sentencing, exploring how this landmark legal decision could reshape the landscape of trust and regulation within the crypto community.
Moreover, we tackle the ethical and operational dilemmas faced by Blast in response to a significant hack, debating the merits and risks of potential rollbacks and the preservation of user funds against the backdrop of decentralized ideals. As we navigate through these complex issues, we shed light on the dynamics between decentralization, regulation, and innovation, offering nuanced perspectives on the challenges and opportunities that lie ahead for crypto.
In Case You Missed It 👀
Here are some of the most important news of this week:
75% of Solana Transactions Are Failing as Bots Dominate Swap Count
The Solana blockchain is experiencing a high rate of failed transactions amid massive trading volumes that have led to network congestion.
As Ethena’s USDe Quickly Reaches $2 Billion in Market Cap, Some Wonder If It’s as Risky as Terra’s UST
USDe’s extremely high yields and the fact that it’s not backed by fiat are reminiscent of Terra’s notorious failed stablecoin UST. But there are important differences between the two.
Why the Ethereum Community Is Up in Arms Against a Proposal to Change the Monetary Policy
Ethereum researchers claim that a high staking ratio is bad for the network as well as for ether (ETH) as an asset. They’re proposing a solution, but is it worth the cost?
Bitcoin’s Fourth Halving Is Right Around the Corner. Is It Still a Good Time to Buy?
Bitcoin is already trading at near an all-time high going into April’s halving, which will reduce the introduction of new bitcoin supply by 50%. Can it continue to rise?
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