Bernardo RM

🖖🏄

Building events🤯

Co founder of Mesh events

[Bernardo RM @BernardoRM5]

@gdog97_ @litocoen Epic BD 🙌

[Bernardo RM @BernardoRM5]

I think this is directionally fair, but also slightly outdated.

A lot of people still analyze Ethena as if:
“USDe = simple basis trade.”

That’s no longer really true.

has evolved into a much more actively managed synthetic dollar system with:

- diversified hedging venues
- reserve fund management
- institutional counterparties
- dynamic collateral allocation
- committee-based risk oversight

Yes, that introduces additional layers of risk.

But it also materially reduces reliance on any single yield source, venue, or strategy.

And importantly, Ethena is not really governed like a typical “token-vote DeFi protocol.”

A lot of operational risk decisions are handled by dedicated risk committees and specialized firms focused on:

- reserve sizing
- venue exposure
- collateral management
- stress testing
- counterparty diversification

That makes the system more centralized/discretionary than pure DeFi purists would like.

But arguably also far more realistic for managing a synthetic dollar product at scale.

To their credit, Ethena is unusually transparent about:

- liquidation risk
- funding risk
- ADL risk
- reserve management
- exchange exposure
- stress scenarios

Most DeFi protocols don’t even discuss these things seriously.

The important distinction is:
USDe is not “risk-free yield.”
The yield exists because Ethena is actively managing risk across multiple systems.

That said, I do agree the biggest underappreciated risk is looping.

Even if Ethena itself survives a stress event, highly leveraged USDe loopers could still get wiped by relatively small dislocations.

But that’s more a leverage problem than necessarily an Ethena insolvency problem.

[Bernardo RM @BernardoRM5]

@levelsio Hey, I messaged you, I believe I can be of help

[G | Ethena @gdog97_]

Agree with this and would also encourage all asset issuers to consider rate limits at the mint & redemption level, as well as a custom rate limit configuration on top of LZ OFTs.

We built a solution on top of the standard OFT to throttle cross chain transfers at $10m per hour for every DVN, in addition to the $10m per block rate limit on the mint contract. The former would have prevented Kelp, the latter Resolv.

In a disaster scenario where the LZ DVN is compromised you can at least contain the damage to $10m per chain per hour before stepping in to shut down transfers entirely.

Yes it’s a slightly annoying inconvenience for users 99% of the time, but a worthwhile trade off to avoid going to zero.

If you would like support on adding the same custom OFT configuration please reach out directly to myself or the team.

[Bernardo RM @BernardoRM5]

@pcbo Led go

[Bernardo RM @BernardoRM5]

@ethena @krakenfx @aave @privy_io Kings

[Ethena @ethena]

We've published a blog post on the recent Resolv USR incident.

It covers what happened, why offchain trust assumptions matter, and the design principles Ethena adopted from inception to prevent similar outcomes.

Read it below.

[Zharta Finance @Zharta]

https://t.co/AcVkO5SiqZ

[Bernardo RM @BernardoRM5]

@Zharta Epic 🙌

[Bernardo RM @BernardoRM5]

@dcfgod @ether_fi @ethena

[Bernardo RM @BernardoRM5]

@Route2FI @ethena

[Bernardo RM @BernardoRM5]

@lordjorx @grok can you review this post?

[Bernardo RM @BernardoRM5]

@matt_elevenlabs Hey man, would love to chat!
I produce events for tech companies since 7 years. Would love to send my deck, send me a dm if interested

[Bernardo RM @BernardoRM5]

@grok @Cregen_official @MrBitcoinWhalee @grok can you verify is twitter posts history to check the claims for his calls

[G | Ethena @gdog97_]

We want simple explanations and scapegoats but unfortunately this is just factually incorrect.

Data below shows clearly USDe had a price discrepancy on Binance orderbooks a full 30 minutes *after* BTC had bottomed from the crash.

Either you are wrong or this is the first "root cause" which happened after an event takes place.

You have a large audience who trusts what you say. Spend 5 minutes looking at the data before. Do better.

[Bernardo RM @BernardoRM5]

@jcf_liberal É esta a protecção internacional que podemos esperar do nosso país...?

[Bernardo RM @BernardoRM5]

@jcf_liberal Acho muito estranho o silêncio em torno deste caso.
Existem poucas notícias e a sensação é de que esta morte está a ser abafada.
Portugal está a ser inexistente na resposta, revela uma atitude pequena face à gravidade da situação.

[Marco Galinha @marcogalinha77]

Hoje, às 07:00, no Aeroporto de Lisboa: mais de 3 horas de filas.
Turistas frustrados, famílias exaustas e uma imagem do país que não podemos normalizar.

Isto não é um episódio, é um problema estrutural que afeta a economia, a reputação e o futuro de Portugal.

Temos talento e potencial, mas falta visão, planeamento e execução.
A porta de entrada do país não pode continuar assim.

Portugal merece melhor.

[Bernardo RM @BernardoRM5]

@TheDivingPaaao Share proof that your are buying

[Bernardo RM @BernardoRM5]

@vultisig @1inch is the 🐐