Head of Research @ethena | Prev. Research @KaikoData
Joined October 2011
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Conor Ryder retweeted
The total unrealized PNL exposure to Binance is ~$8.8m, far below the excess reserve fund of >$60m.
All information on the backing collateral and reserve fund can be found in the link below:
app.ethena.fi/dashboards/bac…
Our proof of reserve attestation run by several external parties will be provided in the coming hours and published on this thread.
Conor Ryder retweeted
We are of a potential security incident related to Binance.
As a reminder all collateral with exposure to exchanges resides in off- exchange custodians, not directly with the exchange themselves.
As we learn more details on the incident we will provide updates here.
Conor Ryder retweeted
Earn+, explained.
Read it here ↓
pay.ethena.fi/blog/earn-laun…
Earn+ is the cleanest expression of what we're building with @EthenaPay
Abstracting complexity away from the user to deliver a better product: one click 12% APY
Conor Ryder retweeted
This is a great product that I think will be very attractive to many DeFi users who don't want the hassle of manually looping stables (me).
12% is huge, and probably the best risk adjusted rate you will find onchain.
Ethena Pay will be the biggest neobank, I have no doubt.
DM if you want a code (only if you are actually going to use the product), as I still have some.
Conor Ryder retweeted
This is one of the product releases you glance over and don't take seriously but you should. Earn+ will be one of the killer features for Ethena Pay that is almost impossible to compete with for dollar savings at scale.
I'd hope I'm within the top ~5% of DeFi power users, but I don't even spend the time and energy to optimize DeFi loops across multiple chains and lending markets which requires 24/7 attention.
This is a one-click access point to optimized levered USDe rewards with the capability to operate cross chain from a single vault with no management of debt positions required at all.
This is the highest unincentivized reward rate on dollars at multi-billion scale with a simple one-click user experience that has averaged ~10-15% APY even during the bear market, and much higher in the bull market.
Available exclusively on Ethena Pay 🌍.
Introducing Earn+: up to 12% rewards on your dollars in a single click.
Available exclusively on @EthenaPay.
Conor Ryder retweeted
Introducing Earn+: 12% rewards on your dollars in a single tap.
Available now for Pro and VIP users and rolling out to all Ethena Pay users in the coming days.
Conor Ryder retweeted
Your balance earns every day. Now you can see exactly how much.
→ Open the earnings sheet from Home
→ Tap any bar to see that day's balance and rewards
→ Zoom out from a week to a full year
Live now on @EthenaPay.
Conor Ryder retweeted
just broke 1000 users on @EthenaPay over the week end
12,000 more on the waitlist
first big new feature dropping soon
android in development
more geos in the works
literally so fucking early
Conor Ryder retweeted
$3 million in card volume through the internet money app, with only a small percentage of the waitlist onboarded so far.
Source: @Paymentscan
Conor Ryder retweeted
Demand for @EthenaPay keeps growing. We're now adding 100 users from the waitlist every day.
600+ new users onboarded to the internet money app last week alone.
Still waiting for access? Comment below and we'll slide into your DMs.
Conor Ryder retweeted
Live now, through October 12.
100% cashback on your first Grab ride.
For eligible users. Terms apply.
We know TOKEN2049 keeps you moving all week.
Your first Grab ride is on us. 100% cashback with @EthenaPay.
See you there.
Conor Ryder retweeted
The @ether_fi team executed one of the most impressive product expansions in the last cycle growing into the most successful self custodial neobank in the space. We've been impressed from the outside on their execution quality, consistency building through the bear market and obsessive focus on product - one of the few teams we look up to at Ethena.
Yes it is somewhat competitive with Ethena Pay, but the very best builders just focus on building the best product with the best partners, and look beyond the crypto-native user set as the addressable market opportunity. Ethena will power their new whitelabel stablecoin end-to-end, with USDe already supporting their separate earn savings vaults.
In order for these applications to fully capture their revenue opportunity, they need to control the deposit and float via stablecoin balances. This is a trend @ether_fi will pioneer and I'm sure we will see others will follow closely behind.
EtherFi is launching their own stablecoin, powered by Ethena Whitelabel.
@ether_fi has >$300m of stablecoin deposits held across their platform. Reserves, mint and redeem, & compliance for @ether_fi USD will be managed end to end by Ethena.
Since launching their category-defining Cash card in 2024, they have scaled to nearly $1 billion in cumulative spend and more than 100,000 active cards.
The best stablecoin neobanks will move to own the entire stack and earn from idle deposit balances alongside their broader product suite.
Conor Ryder retweeted
EtherFi is launching their own stablecoin, powered by Ethena Whitelabel.
@ether_fi has >$300m of stablecoin deposits held across their platform. Reserves, mint and redeem, & compliance for @ether_fi USD will be managed end to end by Ethena.
Since launching their category-defining Cash card in 2024, they have scaled to nearly $1 billion in cumulative spend and more than 100,000 active cards.
The best stablecoin neobanks will move to own the entire stack and earn from idle deposit balances alongside their broader product suite.
Conor Ryder retweeted
We know TOKEN2049 keeps you moving all week.
Your first Grab ride is on us. 100% cashback with @EthenaPay.
See you there.
Conor Ryder retweeted
Since the initial airdrop in 2024 token incentives related to USDe growth have declined by roughly ~85% from 2024 to this year.
As of the end of this month there will be zero token incentives and inflation on a go forward basis related to USDe.
For all of those who participated and helped to bootstrap the product to where it is today: thank you for the support.
Conor Ryder retweeted
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.
