Hivemind: Ethena Founder, the GENIUS Act & Overvalued L1s
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Where are the three places in crypto that produce $10,000,000,000 of cash flow a year? It's Binance equity, Tether equity, and the futures market, in terms of the basis that's sitting there. Athena is still pretty tiny now relative to the whole derivative market. We're only, like, six, seven ish percent of the entire market. And I think, like, an end state, of that is we could be 20 to 25%, in total. So 20 to $30,000,000,000 if the market doesn't grow a huge amount from where it is now. Nothing
said on the hive mind is a recommendation to buy or sell securities or tokens. This podcast is strictly for informational purposes only, and any views expressed by anyone on the show are solely our own opinions, not financial advice. Hi, everyone. My name is Jose Macedu, and welcome to another episode of the Hivemind podcast. The goal of the podcast is to provide an inside look into what we like to call the Delphi hive mind, bringing together some of our brightest minds from each of the divisions to share insights, alpha, and shitposts. So today with us, we have the usual queue crew, Saris Par
Lieberman, managing partner at Delphi
Ventures, venture partner, Duncan, also known as Flood Capital, myself, and we have a
special guest, Guy Young, founder of Athena. So really excited to get into some of the stuff they've been up to recently. So maybe to kick it off, Guy, you guys had a big announcement this week in terms of this USD vehicle, getting into the treasury company game. Do
you wanna maybe give us some some high level background on that and why why it matters? Yeah.
For sure. I think, we're actually approaching this vehicle, back in December or January, at the beginning of this year. So this is, I think, before, you'd got to sort of the level of froth that we've seen within the market now where you seem to, you know, seem to see one of these vehicles now, pretty much every single day coming out. I think the view that we took was, following the performance that you saw of Circle in the public markets, it became very clear that, like, the demand for this kind of theme or narrative within TradFi just so far exceeded the supply of ideas that you could express
Yeah. Makes sense. I also realized I didn't even ask for you to introduce yourself, which I probably should have done. So maybe you wanna give a quick quick intro, and we can clip this back to the beginning. Yeah.
For sure. So my name is Guy. Founded Athena around two years ago now. And for those that don't know, Athena issues, two two distinct products. So one is a synthetic dollar and the other one's, a normal stablecoin, called USD and USDTV. We came out to the market around fifteen months ago with, the core product with USD. It was the fastest scaling dollar to ever reach, $6,000,000,000 of supply. So I put that in in under twelve months. And then right now, we're sitting at just under $7,000,000,000 of supply on USD and one and a half high,
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