帖子
Owaisraja
$ENA
Stablecoin infrastructure is only as resilient as the mechanisms supporting its dollar peg, collateral and liquidity. Ethena offers a different approach to dollar-denominated crypto exposure, but its model carries risks that conventional cash-backed stablecoins may not share. Funding-rate changes, counterparty exposure and market stress deserve close attention. Attractive yields mean little if the underlying mechanism struggles during unfavorable conditions.
