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Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.\nThis week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena\u2019s flagship product, the \u201csynthetic dollar\u201d USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA\u2019s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion.\xa0\nIn this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena's governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.\nShow highlights:\n\nAn introduction to what Ethena is and how USDe works\n\nWhy the team doesn't want to refer to USDe as a stablecoin, and prefers to use the term "synthetic dollar"\n\nWhat the risks of USDe are, including custody, counterparties, and smart contracts\n\nWhy Guy is "pleased" with how the ENA airdrop went through\n\nHow ENA will be used and what its role will be in the governance of Ethena\n\nWhy Ethena is now onboarding Bitcoin as collateral\n\nWhy Guy thinks that there's been an "exaggeration" regarding the situation with Maker and Aave\n\nGuy's response to the critics who say that Ethena is essentially Terra/Luna\n\nWhether USDe would only work in a bull market\n\nHow the Ethena insurance fund works and what it aims to accomplish\n\nWhat's next for Ethena after onboarding Bitcoin, with Solana potentially being the next asset\n\nThank you to our sponsors!\n\nPolkadot\n\niTrustCapital\n\nGuest\n\n\nGuy Young, founder of Ethena Labs.\xa0\n\nPrevious appearance on Unchained: How Ethena's USDe Challenges Traditional Stablecoin Models\n\n\nLinks\nEthena:\xa0\n\nUnchained: What Is Ethena\u2019s USDe Synethic Dollar? A Beginner\u2019s Guide\n\n\nDecrypt: Ethena Just Launched to a $1.2 Billion Market Cap: Here\u2019s What You Need to Know\xa0\n\n\n\nDust on Crust by Arthur Hayes\n\nAirdrop:\n\nUnchained: Airdrops From Wormhole and Ethena Labs Set to Inject $2.4 Billion Into Crypto Market This Week\xa0\n\n\nCointelegraph: Ethena will become highest revenue-generating crypto project \u2014 Delphi Labs CEO \n\n\n\nENA Airdrop and Season 2: Sats Campaign\xa0\n\nLearn more: What Is a Crypto Airdrop? A Beginner\u2019s Guide\n\n\nMakerDAO/Aave controversy:\xa0\n\nThe Block: MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe\n\n\nThe Defiant: DeFi Projects Clash After MakerDAO Adds Ethena\u2019s USDe As Collateral,\xa0\n\nComparisons to Terra\u2019s UST:\xa0\n\nThe Defiant: Ethena Stablecoin\u2019s 27% Yield is Triggering Terra-Induced PTSD\n\n\nAndre Cronje\u2019s thoughts on USDe\n\nCointelegraph: Ethena Labs founder clarifies USDe stability amid high yield worries\n\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices