《ArkStream Capital: Why Did We Increase Our Investment in Ethena?》 (Author: ArkStream): When 'yield dollars' become the foundational settlement fuel, USDe's network effect evolves from a financial primitive to a transaction routing/accounting unit. This positions Ethena to take on high-value-added services beyond stablecoins, such as RWA issuance, institutional settlement, and market-making collateralization. USDe fundamentally relies on the 'long spot/short perpetual' basis/funding rate framework, where extreme market conditions might compress yields or cause temporary inversions. Ethena mitigates such risks through multi-exchange operations, diversified counterparties, and dynamic hedging parameters. Read the full article: http://(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=48689