WHY ETHENA HAS BEEN ONE OF THE BIGGEST LOSERS IN THE RECENT MARKET CORRECTION

Summary from the TLDR Crypto newsletter

Ethena, the platform behind USDe, has seen a $500 million decrease in USDe supply because of negative funding rates cutting into its yields. These poor conditions, coupled with the ineffectiveness of recent measures like adding Solana as a backing asset to reinvigorate the protocol, have severely impacted Ethena's growth and the value of its governance token, ENA.