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@0xBeyondLee With such a high proportion of institutional and RWA participants, the risk diversification is quite obvious.

@0xBeyondLee has already followed Ethena.

@0xBeyondLee This is great, it's getting better and better!

@0xBeyondLee From single arbitrage to diversified returns, the stablecoin competition has entered a new phase.

@0xBeyondLee Yes, yes, Ethereum has indeed changed a lot now.

@0xBeyondLee The decorrelation of the return structure is a real improvement. In the past, it was easy to feel anxious about funding rates, but now it's much more stable.

@0xBeyondLee This is great news, fantastic news!

@0xBeyondLee This transition is crucial.

@0xBeyondLee Ethena's perspective has broadened.

@0xBeyondLee This change deserves long-term attention.

@0xBeyondLee Not bad, not bad, this is a good thing.

@0xBeyondLee Diversifying revenue streams is the key to long-term sustainability.

@0xBeyondLee This direction of transformation is healthier than before.

@0xBeyondLee Ethena has really broadened her career path with this transformation.

@0xBeyondLee This is a good way to diversify; attracting funds from outside the blockchain and feeding them back into the chain is much more stable.

@0xBeyondLee This is truly wonderful news, and the change is truly significant.

@0xBeyondLee Good news has happened! This change is great.

@0xBeyondLee Diversifying and scaling up profits is quite impressive.

@0xBeyondLee This is such a great thing, awesome!

@0xBeyondLee This change is huge. It looks really good!

@0xBeyondLee I'd like to ask if the current returns mainly come from lending and RWA, so will the actual APY that USDe holders receive be much lower than before?

@0xBeyondLee Ethena This transformation has truly broadened our horizons.

@0xBeyondLee USDe is evolving from an arbitrage product to an on-chain yield infrastructure.

@0xBeyondLee Your income sources are so diverse!

@0xBeyondLee Getting better and better

@0xBeyondLee The point about diversifying profits through funding rate arbitrage is valid.

@0xBeyondLee Multi-strategy returns look more stable.

@0xBeyondLee The remaining 1% of basis is crucial, but it's becoming more like an on-chain money market fund; we need to monitor liquidity for penetration and redemptions.

@0xBeyondLee f

@0xBeyondLee Diversification of revenue streams is a great change.

@0xBeyondLee x.com/i/grok/share/2ecb8aa46af…

@0xBeyondLee Lower correlation in encryption cycles is more stable

@0xBeyondLee USDe's transformation speed is a bit too fast.

@0xBeyondLee The idea of ​​off-chain leeching to feed back onto-chain resources is sound; the question is whether the actual returns will be stable in the long run.

@0xBeyondLee That's amazing! Ethena is such a pleasant surprise.

@0xBeyondLee I've been watching so many of Leung Man-Fung's viral videos lately that I've almost forgotten what he looks like.

@0xBeyondLee It's interesting that RWA's percentage has increased.

@0xBeyondLee The transformation aspect has indeed been underestimated, shifting from purely profiting from funding rates to a multi-strategy portfolio.

@0xBeyondLee Ethena is such a pleasant surprise.

@0xBeyondLee I used to focus on the yield, but now I'm more concerned about where the yield comes from.

@0xBeyondLee If it's a good thing, then I'm relieved.

@0xBeyondLee usde has started to give back, which is indeed a good thing.

@0xBeyondLee This is really a good thing. Doesn't this mean we can be self-reliant?

@0xBeyondLee When I first met the deconstructionist teacher, he was already building Ethena. So dedicated!

@0xBeyondLee Ethena seems to be aiming for a big move by transforming its business based on market conditions.

@0xBeyondLee x.com/i/grok/share/b13a9224797…

@0xBeyondLee The revenue source has changed from internal circulation to global extraction, which is indeed a much more stable approach. USDe is no longer just relying on market trends for its revenue.

@0xBeyondLee The proportion of institutions and RWAs is so high, and the risk diversification is also very evident.

@0xBeyondLee I bet nobody's more adventurous than me 🦑🌊 I'm not shady, you'll see!

@0xBeyondLee I bet nobody's more carefree than me 🌗❤️ I'm not shameless, just look!