Preview Mode Links will not work in preview mode

The #1 podcast for crypto natives to learn about new concepts, trends and projects in blockchain, DeFi, NFTs and Web 3.

Jason Choi (@mrjasonchoi) goes deep into the technology and economics behind crypto projects to dissect trends and themes in a global context.

Strictly not financial advice.

Dec 28, 2023

Stablecoins represent a significant segment of the cryptocurrency market due to their widespread applicability. So far, stablecoin models range from centralized, fiat-backed variants such as USDT and USDC, to more decentralized models like Maker's DAI, an over-collateralized stablecoin, and the infamous algorithmically-backed UST by Luna.

Despite this variety, the crypto industry still lacks a decentralized, internet-native stablecoin that combines attractive yet sustainable yields. Ethena aims to bridge this gap, offering a novel solution in the stablecoin space.

Today we have Guy Young, Founder of Ethena Labs, to share with us 

  • What exactly is Ethena’ stablecoin model, and how can it be sustainable

  • Can Ethena dethrone USDC and USDT

  • The future of the stablecoin landscape

  • And more

Host: Jason Choi @mrjasonchoi . Not financial advice.


(00:00:00) – Episode introduction

(00:02:08) – How Ethena was founded

(00:04:30) – How Ethena works & why now

(00:11:19) – Will USDT and USDC be dethroned one day

(00:13:55) – Ethena versus other stablecoins

(00:19:03) – Letting the markets do its job

(00:20:54) – Ethena versus Maker

(00:29:19) – Ethena’s value in blackswan events

(00:32:28) – Thoughts on staking staked ETH

(00:34:24) – 3 types of users likely to use Ethena

(00:36:29) – Why can’t someone do it themselves

(00:37:52) – Potential products built on Ethena

(00:41:04) – Ethena’s path to mass adoption

More Resources:


Guy Young’s Twitter:

Ethena’s Twitter:


Blockcrunch VIP:

Blockcrunch Twitter:

Jason Choi’s Twitter:


The Blockcrunch Podcast (“Blockcrunch”) is an educational resource intended for informational purposes only. Blockcrunch produces a weekly podcast and newsletter that routinely covers projects in Web 3 and may discuss assets that the host or its guests have financial exposure to. Views held by Blockcrunch’s guests are their own. None of Blockcrunch, its registered entity or any of its affiliated personnel are licensed to provide any type of financial advice, and nothing on Blockcrunch’s podcast, newsletter, website and social media should be construed as financial advice. Blockcrunch also receives compensation from its sponsor; sponsorship messages do not constitute financial advice or endorsement.


Full disclaimer: