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Shift: Expanding the Delta-Neutral Universe Ethena helped popularize a simple but powerful idea: package a delta-neutral engine into an on-chain asset that users can hold, use, and build with. No more "do your own funding capture", but rather one-click deposits. The success of this product is quite clear in the charts: delta-neutral has become one of crypto’s most important “workhorse” strategies and Ethena quickly rose in two years to as high as $15b, from zero. However, this growth is now stalling, due to a series of reasons: - the altcoin market hasn't been hot, at all; - in this low funding scenario, the basis trade is getting saturated; - the yields are compressing in the 4-5% area, make them unappealing to a lot of users, especially given the risk free rates. DeFi Yields have never been this low in years. Shift exists to bring back some excitement about the delta-neutral universe and turn it into a broader, composable repertoire of tokenized, yield-bearing structured assets. Make Delta Neutral Great Again The next wave in delta neutral yields is about expanding the opportunity set: more venues, more structures, more upside streams on top of the natural funding yield. While keeping the same one-click user experience. So what are the keys to this? 1) New Venues Most delta-neutral yield has been harvested where liquidity is deepest and execution is easiest. That’s also exactly where returns get competed away first. Shift broadens the playing field by integrating newer perp DEXs where market structure is still evolving: liquidity is growing, incentives are active, and funding can be materially different from the “mature” venues, while at the same time the platform is solid enough to take on a structured yield product. 2) More Structures When “the BTC basis trade” becomes everyone’s trade, it stops being a strategy and starts being a benchmark. Shift is built to tokenize not just one engine, but a repertoire of delta-neutral structures, strategies that can target higher yields because they’re: - less crowded, - more specialized in construction, - and operationally harder to run manually. 3) Sharing is Caring Perp DEXs increasingly compete with incentive programs. Everybody knows that. However, for most users it's hard to participate in these programs, as it requires active risk taking and management and capital. Most users end up with either crumbles of points or liquidated (and hopefully compensated by the future airdrop). Shift treats incentive upside as part of the return profile, and makes a clear commitment: 100% points/airdrop upside goes to depositors. Put together, these three levers are how Shift brings back excitement to delta-neutral: new venues, new structures, and fully user-aligned upside, all wrapped in the same one-click experience that made the category work in the first place.