Guy Ethena's founder just dropped a truth bomb at TOKEN2049 Singapore:
Yield isn't commoditized.
Why? Because accessing the same yield ≠ trusting every operator's risk management.
You can copy the strat, but you can't copy the trust.
This is why $USDe dominates - it's not just about APY, it's about who's holding the keys and how they manage tail risk.
Most protocols chase yield. Few actually understand risk.
That's the alpha.
Yield isn't commoditized.
Why? Because accessing the same yield ≠ trusting every operator's risk management.
You can copy the strat, but you can't copy the trust.
This is why $USDe dominates - it's not just about APY, it's about who's holding the keys and how they manage tail risk.
Most protocols chase yield. Few actually understand risk.
That's the alpha.