Size of the Opportunity

Providing a crypto-native synthetic dollar and the first "internet bond" is not only the largest challenge in the space but the largest opportunity.

Ethena at current size sits at the intersection between CeFi and DeFi.

Stablecoins

Stablecoins and other relatively stable, fully-backed assets intended to approximate the dollar is one of three $1 trillion+ opportunities in this space. We see an immediate $20b+ opportunity to scale a synthetic dollar across DeFi, CeFi and TradFi.

Internet Money

User demand for existing stablecoins is already provable and enormous at more than $200 billion despite their “return-free" risk profile. An asset that enables permissionless reward accrual to ecosystem participants is the largest market opportunity that crypto can provide for individuals all over the world - even larger than either a volatile store of value or stablecoins as they currently exist.

Integrating USDe in CeFi as margin collateral on some exchanges has seen Ethena's size sit at an intersection between DeFi and CeFi. The next leg of growth for Ethena is integrating with Tradfi where the immediately addressable market is greater than $20 billion.

The basis trade is the largest cash flow opportunity in crypto, with the least amount of competition and the highest capacity for scale.