In today's episode Dan and Sam are joined by Ethena Labs team. Guy Young, Co-founder, and Conor Ryder, head of research, dive into the Ethena's aim to enable the internet bond and transform Ethereum into the first crypto-native yield bearing stablecoin. They dive into Ethena's revenue model, staking yield, depeg risk, bitcoin as collateral, and much more!

As usual the team is also joined by two blockworks research analysts, Matt & Ren. Today they cover the GMX V2 launch, Coinbase earnings and Base season, Paypal pyUSD, and Arbitrum BoLD.
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Today’s episode is brought to you by the Atom Accelerator, now offering grants to build out the ATOM economic zone! It's the perfect time to build with Cosmos and join the thriving ATOM ecosystem. With Interchain Security live, and the power of IBC connecting the interchain, builders are flocking to Cosmos. Join the ranks of Neutron, Lido, Astroport, Gitcoin, Mars and numerous other projects harnessing Cosmos’ leading infrastructure. Discover how to secure a grant from the Atom Accelerator by visiting https://www.atomaccelerator.com/ today! 
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Use code 0X30 to get 30% off Permissionless 2023 in Austin:
https://blockworks.co/event/permissionless-2023
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Timestamps:
(00:00) Introduction
(01:21) CEX Trading vs GMX V2
(10:36) Coinbase Earnings & Base Launch
(18:04) Paypal pyUSD
(25:10) Arbitrum BOLD
(29:40) “Atom Accelerator Ad”
(30:59) Interview Start: Ethena Labs
(32:53) Why Decentralized Stables are Needed
(38:56) USDE User Flow & Underworking 
(42:32) Hedging Counter-party Risk
(48:00) USDE Demand Through Yield
(51:10) Protocol Revenue
(56:09) Deposit Conversions
(1:01:06) stETH Depeg Scenario
(1:11:52) Bitcoin as Collateral
(1:15:03) L2 Strategy
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Resources
GMX V2
https://twitter.com/blockworksres/status/1686413000218210305
Paypal pyUSD
https://blockworks.co/news/paypal-launches-stablecoin

BOLD on Arbitrum
https://blockworks.co/news/arbitrum-validation-protocol-permissionless

Ethena Labs
https://www.ethena.fi/
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Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place
Blockworks Research: https://www.blockworksresearch.com/
Free Daily Newsletter: https://blockworks.co/newsletter
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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.