Is Arthur Hayes’ Ethena about to have a Terra-like crash?
Arthur Hayes, co-founder of BitMEX and prominent crypto investor, backs the recently launched synthetic dollar project, Ethena (ENA), for USDe. However, experts discuss the risks of USDe having a similar fate to Do Kwon’s UST stablecoin, built on Terra (LUNA). On April 2, Colin Wu interviewed Ethena’s founder Guy Young, introducing the newly created project to a broader public. Its relevancy comes mostly from the project being heavily backed by relevant figures of the cryptocurrency market. For example, Arthur Hayes, Binance, OKX, ByBit, and decentralized exchange representatives like Aave and Curve. Following this interview, Andre Cronje, founder of Fantom (FTM) and Yearn Finance (YFI), posted some concerns on X (formerly Twitter). Cronje started the post by tracing a parallel with Terra’s project involving the dollar stablecoin UST, a famously failed algorithm-stablecoin. Picks for you ‘Big Short’ investor warns FED will make massive bubble if it cuts interest rates ...