Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets.
As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception.
Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders.
Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period.
We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle.
Allocations begin today.
kicking myself for not buying CYPH (ZEC DAT + ZEC eco investments/mining), brought it up a week ago as being a good ZEC beta with a big mNAV discount, now up over 2x
Given they're also doing ZEC mining, this might be the 'the' tradfi crypto trade of this cycle if they chill with the ATM sales
once i'm in a spot position i'm comfortable holding long term, i try to stop looking at the chart. maybe a glance at the 3d or weekly every so often, daily even less. i did my research, picked my level, bought it. after that the chart mostly just gives me reasons to get in my own head.
when things start trending, ta gets pretty useless for long stretches, and it was already fuzzy to begin with. if i stare at it long enough i'll find something bearish and let it mess with how i'm thinking about the position.
what i actually care about is where we are in the cycle overall, where btc is vs where i think it can go, how long i've been holding, and how the rest of the market and sentiment look. most of that i get from being on here and talking to people.
i did not follow any of this with zcash this summer.
bought in march / early april and was giga bullish. then around the 400s i started seeing bear divs on the 2w and a possible one on the monthly, and talked myself into it going back to 300 or 200 and sitting there accumulating while majors ran. didn't want to sit in a big underwater position. traded in and out a few times, each one worse than the last, then bought back in anyway.
what i should have said to myself: zec was one of the strongest coins through the whole bear, and btc, eth and sol all had big bull divs on the weekly. the whole market going up while zec dumps off a chart divergence would be weird. maybe it underperforms, but more likely the bear divs just invalidate and it pushes through.
so if you're seeing htf bear divs on your coins right now after a run, or everyone's telling you it's some other chain's season, i'd zoom out and think about where we are in the cycle. there'll be pullbacks and a lot of volatility depending on what you hold. but if your thesis is intact, you think the cycle has more juice, and you still have conviction, trying to rebuy 25-30% lower is how i got chopped up. you don't know when it turns.
i'd just hold.
pengu - close to a year of accumulation; one of the few memes to stay relevant across two cycles
the thesis; pudgy penguins keeps winning mainstream attention through content, partnerships and real products. pengu is the easiest way to express it.
ai makes content cheap -> attention gets harder to win -> familiar characters decide where attention goes -> people keep spending on entertainment, belonging and collectibles -> one strong character feeds toys, games, licensing, film and events
the accumulation period is coming to an end; first leg is underway. i have no doubt it hits new highs this cycle.
A meme should be wholesomely brand-able or playfully clever
A 55 year old lady and a 23 year old man should both be able to look at the coin and feel the same thing
Pepe, fartcoin, wif, doge, shib.. A large majority of uber-successful memes share this commonality