Recently, a notable new star has emerged in the Crypto Assets market — Ethena. This project has rapidly developed from scratch to a scale of 13 billion USD in just over a year, spanning multiple areas including CeFi, Decentralized Finance, and institutional investors.

As of noon on September 10, Ethena has attracted nearly 800,000 users and expanded its business to 24 blockchain networks. This achievement marks that Ethena has surpassed small-scale DeFi experiments and grown into an important player in the stablecoin market that cannot be ignored. Under certain statistical metrics, its scale even exceeds that of established stablecoins like DAI.

Ethena's success is attributed to multi-faceted support. Major Crypto Assets exchanges provide comprehensive service support, including one-click purchases, quick exchanges, and leveraged trading functions. At the same time, the investment community has shown strong interest in Ethena, with well-known capital adding investments in the tens of millions of dollars. Even more notably, Ethena promises to offer an average high yield of 19% in 2024, a figure that undoubtedly attracts the attention of the entire market.

However, Ethena's rapid rise has also raised some questions. Does it represent a groundbreaking innovation in the DeFi space that will lead the entire industry to new heights? Or could it potentially become the next source of risk, repeating the tragedy of LUNA/UST?

To deeply understand the operating model of Ethena, we need to distinguish it from traditional stablecoins. Unlike the balance sheet management models based on USDC/USDT, Ethena adopts an innovative mechanism. The specific details and potential impacts of this mechanism are worth our further discussion and analysis.

As Ethena continues to expand its influence, it will become increasingly important to closely monitor its developments and potential risks. In this rapidly changing world of crypto assets, Ethena undoubtedly provides us with a case worth in-depth study.