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Ethena Labs opened deposits into its synthetic dollar stablecoin to the public on February 19, injecting itself into the mind space of practically everyone on Crypto Twitter in the process.
By offering double-digit yields and points for an upcoming airdrop, Ethena’s USDe stablecoin has quickly ballooned to over $770M in supply to become the 6th largest dollar-pegged stablecoin!
Although Ethena’s rise to prominence has certainly been impressive, the project does not come without its critics, who are skeptical of Ethena’s high yields and believe its design leaves it liable to implode like the Terra/Luna ecosystem.
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