Delphi Ventures Partner: Ethena's Imitation Project Will Face Huge Challenges

José Maria Macedo, a partner at Delphi Ventures, posted on the X platform stating that imitation projects of Ethena Labs will face significant challenges. Macedo pointed out that the unpledged USDe actually plays a role in doubling the sUSDe basis yield, making it difficult for competitors to match. Currently, about 50% of USDe is pledged and the return obtained by sUSDe pledgers is twice that of manual basis trading. For newcomers to be competitive, their returns must exceed twice the basis yield plus ENA implied earnings and risk premium. Macedo emphasized that Ethena also has other advantages such as brand and first-mover advantage, predicting imitators will struggle to recognize the powerful network effects of stablecoins.