⚠️ THE TRUTH ABOUT $ENA: Why is the "stable" 40% income a bubble?
Investigation (19.07):
Mechanism of Ethena: 72% of income — hidden short on BTC through derivatives
A collapse is possible if BTC falls below $50K (analogy with UST)
Portfolio Protection:
Withdraw 80% from the protocol by July 25
Switch to $USDC (verified reserves)
📉 Risk Data: DefiLlama Ethena
❤️ Like → if you are also withdrawing funds!
