On April 17, crypto data analytics platform CryptoQuant released an analysis article saying that as long as the market value of USDe remains below 3 billion dollars (currently 2.40 billion dollars), its reserve fund (32.70 million dollars) can cope with a period of negative capital interest rates.
CryptoQuant points out that even during bear markets, fund disbursements are mostly positive (Ethena receives income), and reserve funds can grow. However, extreme events such as the collapse of the FTX trading platform (long-term payment rates) can cause a significant decrease in reserve funds within a few days.
In order to safely respond to the exceptional event of a significantly negative funding rate at a large market cap of $5 billion, $7.50 billion or $10 billion, the reserve fund would need to be increased to about $400 million, $600 million and $800 million, respectively.
Analysis: If USDe's market value does not exceed $3 billion, the current reserves are sufficient to handle a period of negative rates
2024-04-17 01:29:45
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