According to Odaily, Delphi Ventures partner José Maria Macedo has expressed concerns on the X platform about the challenges that imitation projects of Ethena Labs will face. Macedo highlighted that unstaked USDe effectively acts as a multiplier for the sUSDe basis yield, making it difficult for competitors to match. Currently, approximately 50% of USDe is staked, and sUSDe stakers receive returns that are double those of manual basis trading. For new entrants to be competitive, their yields must exceed twice the basis yield plus the implied yield and risk premium of ENA.
Macedo emphasized that Ethena also benefits from brand recognition and first-mover advantage, predicting that imitators will struggle to understand the powerful network effects of stablecoins. He also disclosed that Delphi Ventures has invested in Ethena and that he personally holds USDe and ENA.
