This $1B FalconX credit line actually addresses the expense ratio volatility that has been killing yield on many algorithmic stables. By diversifying USDe reserves beyond just liquid staking, Ethena reduces the drag from high capital costs. The move makes the synthetic dollar more resilient if spot rates dip. It's a practical step toward stable, low-cost backing. Does this structural change finally offer the consistency Yields- Farming has been missing?
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