Yesterday, the decoupling of USDe raised concerns among many people, with the biggest worry being whether USDe would become the second Luna.
Let me clarify. First, the conclusion: it is impossible because the mechanisms are different.
- The Mechanism of USDe and ENA
Although both USDe and USDC are assets synthesized using collateral, the difference is that USDC uses its own project token Luna for collateral synthesis. During a rising spiral, this drives the price of Luna to soar because users need to continuously buy Luna to synthesize USDC. However, in a bear market, when USDC decouples, it accelerates the decline of Luna.
In contrast, USDe does not use ENA for collateral generation. Instead, it uses major cryptocurrencies like BTC and ETH, as well as stablecoins for generation.
Most importantly, USDe has learned from the failures of other stablecoin protocols. It employs delta hedging for non-stablecoin assets like BTC and ETH. When it receives $100 worth of ETH to generate USDe, it will short $100 worth of ETH on the exchange for hedging.
This way, USDe will not suffer from insufficient collateral value due to a crash in ETH, and it will always maintain a value of $1.
- Sources of Income for USDe
USDe has a high annualized yield, generally around 5%. Unlike Luna, which relies on token rewards, it provides real returns. There are three sources of income for USDe.
1) The income from short hedging, which is the funding rate earned. Historically, except for the major bear market in 2022, the funding rate income has generally been around 10%.
2) Staking income, such as the rewards from staking ETH and BTC.
3) Income from stablecoins. For example, collaborating with USDC, where the counterpart provides rewards.
The core of USDe is delta hedging, which ensures that its value is not affected by the price fluctuations of the collateral assets and also provides the main source of income for USDe.
Of course, delta hedging can be somewhat challenging, so USDe's growth may be slow at first. After more than three years of stable operation, the industry has accepted the team's capabilities, which has led to a period of rapid growth.
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