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CryptoQuant CEO Ki Young Ju has voiced concerns about Ethena’s recent decision to incorporate Bitcoin as a backing asset for its USDe synthetic dollar.
On April 4, Ethena Labs revealed plans to onboard BTC as a backing asset for USDe to create a safer product for its users.
Andre Cronje warns that while “things are going great now” such a momentum in the crypto space would eventually turn.
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What is CryptoSlate Alpha?
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Ethena, the protocol powering the USDe synthetic dollar, raked in $6.53 million in fees over the last 24 hours, cementing its position as the top fee-generating decentralized application (dApp) in the crypto space, according to data from DeFillama.
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