Really like the direction Ethena is heading towards. Traders will be able to generate yield from their perps margin and funding rates. This means that: - There’s structural tolerance for higher funding, long positions will be held longer - It’s a positive feedback loop that increases long funding rates, increased yield for underlying DN strategy - Additional yield layer for MMs, arbitrageurs, and traders This works well in bull markets but during bear markets where funding rates are negative, yield will be compressed. There’s no such thing as risk free yield, if 10/10 happens again, margin positions will be reduced and there’ll be massive forced liquidations