0xResearch Cross-Post: How Ethena is Redefining Digital Finance | Guy Young
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And if you aren't thinking about how are your products actually being tailored to face into institutional flows of capital, I think you're just gonna get left for debt, actually. And if you're still playing these sort of circular DeFi games of just moving the same chips around, you're gonna have a pretty hard time in the next few years. So that's really our initiative to take the core products that that we have and build purpose, purpose built, products and infrastructure for those flows of capital to come and train and interact with our core products. Yeah.
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up, guys? Welcome back to another episode of Xerox research today. I'm joined by Guy, founder of Bifino. Thanks for coming on, Guy. Yeah.
Thanks for having me on. Before
we get started, you guys expanded quite a bit, both the USD product, and you've started building out new products. Do you wanna give a short introduction on what you guys have done over the past six months then maybe we can go from there?
Yeah. For sure. So, yeah, Athena came to market around, just over a year ago now with our first product, which was, USD. Basic idea behind that came from Arthur Hayes' original blog post called dust on crust. And, essentially, it was tokenizing, the basis trade, in a format that sort of looks and feels, a bit like a digital dollar, but, obviously, it looks quite different to normal stablecoins in terms of the risk profile and construction behind it. So, yes, I guess we came out in in March of of last year. We scaled it to just over $6,000,000,000 in the first year since we were alive, which wa
That makes a lot of sense. I think, maybe let's start with Converge. So clearly very different to other l ones as in it's going to it's built with securitized. I assume you guys are gonna have permission validator sets, and it's gonna be more of a permissioned l one. Correct? Yeah.
So we've literally just put out the the tech right back, now as we're jumping the call, so I know you haven't had time to look at it. It was, very unfortunate timing. No. The idea here is we it's not gonna be a fully permissioned validator set like you would see within an l one. The way I'd characterize this is that if you really think about a sequence of four the l twos that are in production right now, in many senses, that is the most permissioned version of an execution environment that you can imagine. Right? Which is like, if Coinbase doesn't like your transaction, it's not going through.
makes sense. I have a question regarding asset issuance, and I was gonna work on Converge. I assume that real world assets like TradFi bridging coming over, that's going to be issued on Converge. What happens with USDE, the contracts that aren't if Ethereum? Is that going to be moving around? Yeah.
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