@jianlibao
Ethena Labs' algorithmic stablecoin, USDe, currently relies on collateralized BTC and stETH, along with their inherent yields. It simultaneously creates short positions in Bitcoin and ETH to balance delta and leverages perpetual/futures funding rates to maintain the peg and provide yield. This balance is achieved by using spot gains to offset losses from short positions, while still reaping the benefits of ETH staking and the short position funding rate.
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