Yesterday it was Sui, today it is Plasma
It is reported that the cost of deploying USDE on a chain (for Ethena) ranges from 10 to 20 million, depending on the fundamentals of the chain.
This money is used for market making on exchanges, providing leverage to large holders.
It's equivalent to paying such a high cost to retain TVL for an annualized opportunity of about 10% with a large capacity.
This is definitely a positive for Ethena's expansion, but I think it may not be the same for public chains; the benefits are flowing to outsiders.
I have always had a question: why can't they do this model themselves?
Pendle USDe PTs are now live on @Plasma
USDe YT holders are eligible for 60x Ethena Points & XPL liquid rewards, sUSDe YTs for 20x Points & XPL liquid rewards
USDe and sUSDe PTs are above mainnet rates at ~10%, with deep liquidity across both pairs
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