Honestly, I was skeptical about stablecoins that aren’t fully backed by cash in a bank, but Ethena’s approach seems different. They use Ethereum staking yields combined with short positions to maintain the peg. It’s a bit complex, but the potential rewards are intriguing. I read more about their model here https://swapspace.co/blog/what-is-ethena and it made me consider allocating a small part of my portfolio to test it out during this market cycle.