[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Cryptor ⚡️ [@cryptorinweb3](/creator/twitter/cryptorinweb3) on x 5646 followers Created: 2025-06-21 20:39:41 UTC From Terra Battle Scars to $400M in Real Revenue Ethena is the protocol doing it right this time. ⸻ When I first heard about @ethena_labs, I remembered Terra. Everyone was chasing those sweet XXXX% APYs from Anchor. "Safe yield backed by algorithmic magic." Until it wasn’t. I had a big chunk of my stack in $UST. Then it started to depeg. But I was one of the "lads who remained steady", happy that Do Kwon was about to deploy more capital. But nothing happened. The peg collapsed. And the only thing that went to the moon was $LUNA's supply. It hurt. Financially and emotionally. I promised myself: "Never again". So when I first saw @ethena_labs offering XX to XX% yield on $USDe, my gut reaction was: "Ow shit here we go again... another ponzi. Another disaster waiting to happen." If you can't explain where the yield comes from, you are the yield, right? That’s one of the few things I actually learned from the Terra fiasco. So I dug in. And I was surprised. 🔷UST vs USDe - The Critical Difference ▸ Terra’s $UST relied on reflexive mint/burn mechanics and printed yield out of thin air ▸ Ethena’s $USDe is collateral-backed and delta-hedged, a completely different model In practice: long $ETH and $BTC positions are hedged with short perps to stay market-neutral. It’s a strategy used by hedge funds for years. Now it’s working in DeFi. And the numbers are real: ▸ $USDe supply: $6B ▸ Protocol revenue: over $400M ▸ Staking yield: X to XX% (market dependent) ▸ Revenue share: once five milestones are hit, real revenue flows to $ENA stakers Not through inflation. Through actual cash-based rewards. Even during the @Bybit_Official hack, $USDe held its peg. They’ve earned their stripes. 🔷What’s Next? Scaling to $25B via Retail + Institutions X. Telegram - Global Retail Onboarding Ethena has integrated with @telegram and the @ton_blockchain to bring yield to the masses. Users can stake $USDe into tsUSDe and earn up to XX% APY in $TON, with incentives partly funded by the TON Foundation. It all works inside Telegram and it's as easy as sending a message. Apple Pay and debit card support are also on the way. For users in high-inflation regions like Asia, Africa, and LATAM, this unlocks seamless access to dollar-based savings. With 1B+ users, Telegram becomes a powerful funnel for stablecoin adoption. X. TradFi - Institutional Capital Onboarding Ethena is launching @convergeonchain with @Securitize to bring TradFi capital on-chain. Securitize, a partner of @BlackRock, Apollo, and KKR, has already tokenized over $2B in RWAs. On Converge, Ethena will support: ▸ Institutional-grade stablecoins like iUSDe ▸ RWA flows via $USDtb and $BUIDL ▸ A validator set secured by $sENA, linking protocol value directly to institutional activity They’ve also launched a USDtb Liquidity Contract, enabling 24/7 swaps between $USDtb and $BUIDL. Adoption is already underway: ▸ $USDtb is live as margin collateral on @Bybit_Official, @Aave, and @eulerfinance ▸ Five blue-chip DeFi protocols are building on Converge: @Aave, @pendle_fi, @MorphoLabs, @maplefinance, and @etherealdex 🔷Real Revenue. Real Value. Real Upside. Ethena has generated over $400M in protocol revenue. Once the final five milestones are hit, that revenue will start flowing directly to $ENA stakers. No token emissions. No dilution. Just real, yield-bearing cash flow. And with both retail and institutional adoption accelerating, that number could climb much higher. The $ENA chart doesn’t look great right now, but that might be the setup. 🔷Final Thoughts I thought Ethena was just another stablecoin project backed by VCs. But after digging in, I realized it’s doing what Terra never could: Delivering real yield, backed by real revenue, with real risk management. This isn’t about chasing the next Anchor. It’s about rebuilding trust and this time, getting it right.  XXXXX engagements  **Related Topics** [$ena](/topic/$ena) [coins dao](/topic/coins-dao) [threshold](/topic/threshold) [$150m](/topic/$150m) [$ust](/topic/$ust) [stack](/topic/stack) [protocol](/topic/protocol) [$400m](/topic/$400m) [Post Link](https://x.com/cryptorinweb3/status/1936524445784346945)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Cryptor ⚡️ @cryptorinweb3 on x 5646 followers
Created: 2025-06-21 20:39:41 UTC
From Terra Battle Scars to $400M in Real Revenue Ethena is the protocol doing it right this time. ⸻
When I first heard about @ethena_labs, I remembered Terra. Everyone was chasing those sweet XXXX% APYs from Anchor. "Safe yield backed by algorithmic magic." Until it wasn’t.
I had a big chunk of my stack in $UST. Then it started to depeg. But I was one of the "lads who remained steady", happy that Do Kwon was about to deploy more capital.
But nothing happened. The peg collapsed. And the only thing that went to the moon was $LUNA's supply.
It hurt. Financially and emotionally. I promised myself: "Never again".
So when I first saw @ethena_labs offering XX to XX% yield on $USDe, my gut reaction was: "Ow shit here we go again... another ponzi. Another disaster waiting to happen."
If you can't explain where the yield comes from, you are the yield, right? That’s one of the few things I actually learned from the Terra fiasco. So I dug in. And I was surprised.
🔷UST vs USDe - The Critical Difference
▸ Terra’s $UST relied on reflexive mint/burn mechanics and printed yield out of thin air ▸ Ethena’s $USDe is collateral-backed and delta-hedged, a completely different model
In practice: long $ETH and $BTC positions are hedged with short perps to stay market-neutral.
It’s a strategy used by hedge funds for years. Now it’s working in DeFi.
And the numbers are real: ▸ $USDe supply: $6B ▸ Protocol revenue: over $400M ▸ Staking yield: X to XX% (market dependent) ▸ Revenue share: once five milestones are hit, real revenue flows to $ENA stakers
Not through inflation. Through actual cash-based rewards. Even during the @Bybit_Official hack, $USDe held its peg.
They’ve earned their stripes.
🔷What’s Next? Scaling to $25B via Retail + Institutions
X. Telegram - Global Retail Onboarding
Ethena has integrated with @telegram and the @ton_blockchain to bring yield to the masses.
Users can stake $USDe into tsUSDe and earn up to XX% APY in $TON, with incentives partly funded by the TON Foundation.
It all works inside Telegram and it's as easy as sending a message. Apple Pay and debit card support are also on the way.
For users in high-inflation regions like Asia, Africa, and LATAM, this unlocks seamless access to dollar-based savings.
With 1B+ users, Telegram becomes a powerful funnel for stablecoin adoption.
X. TradFi - Institutional Capital Onboarding
Ethena is launching @convergeonchain with @Securitize to bring TradFi capital on-chain.
Securitize, a partner of @BlackRock, Apollo, and KKR, has already tokenized over $2B in RWAs.
On Converge, Ethena will support: ▸ Institutional-grade stablecoins like iUSDe ▸ RWA flows via $USDtb and $BUIDL ▸ A validator set secured by $sENA, linking protocol value directly to institutional activity
They’ve also launched a USDtb Liquidity Contract, enabling 24/7 swaps between $USDtb and $BUIDL.
Adoption is already underway: ▸ $USDtb is live as margin collateral on @Bybit_Official, @Aave, and @eulerfinance ▸ Five blue-chip DeFi protocols are building on Converge: @Aave, @pendle_fi, @MorphoLabs, @maplefinance, and @etherealdex
🔷Real Revenue. Real Value. Real Upside.
Ethena has generated over $400M in protocol revenue.
Once the final five milestones are hit, that revenue will start flowing directly to $ENA stakers.
No token emissions. No dilution. Just real, yield-bearing cash flow.
And with both retail and institutional adoption accelerating, that number could climb much higher.
The $ENA chart doesn’t look great right now, but that might be the setup.
🔷Final Thoughts
I thought Ethena was just another stablecoin project backed by VCs.
But after digging in, I realized it’s doing what Terra never could: Delivering real yield, backed by real revenue, with real risk management.
This isn’t about chasing the next Anchor. It’s about rebuilding trust and this time, getting it right.
XXXXX engagements
Related Topics $ena coins dao threshold $150m $ust stack protocol $400m
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