Guy Young (Ethena) on the Past and Future of Crypto Interest Rates (EP.507) скачать в хорошем качестве

Guy Young (Ethena) on the Past and Future of Crypto Interest Rates (EP.507)

Guy Young (  / leptokurtic_  ) , the founder of Ethena (https://ethena.fi/) , rejoins the show to give us an update on Ethena and to discuss the nature of crypto interest rates. In this episode: • Reflections on the Ethena launch • ETH funding rates versus ETH ETF expectations • Funding rates on crypto native exchanges versus CME • Why Ethena versus doing the cash and carry trade • At what point does Ethena start to drive down funding rates • The history of the cash and carry trade in crypto • Did yield farming represent a real form of yield? • Why is yield farming less viable today? • The ultimate convergence between tradfi and crypto yields • Where risk premia come from for Ethena versus the risk free rate • ETH taking yields and their development • Guy's concerns about Eigenlayer and its effect on DeFi • Interactions between real rates and crypto rates • Stablecoin supply versus tradfi interest rates • Crypto yields versus RWA supply • The share of stablecoins that is speculative in nature • Guy's expectations for the medium term future of crypto rates