Arthur Hayes: Where Are We With Ethena? #Ethena #DeFi #Crypto
Arthur Hayes, co‑founder of BitMEX, evaluates the current state of Ethena (referred to as Athena) in a candid video, noting that while the protocol is performing well operationally, its token price remains stagnant. He argues that without a token buyback program and higher endogenous rates within the Bitcoin ecosystem, Ethena cannot generate attractive yields. At present, the protocol offers roughly 3.5% on delta‑neutral strategies, which he deems uncompetitive against the Federal Reserve’s risk‑free rate. Hayes quotes, “If I can make three and a half percent taking smart‑contract risk… I’ll put my money with Jimmy Diamond at the Fed,” underscoring his preference for low‑risk returns. He adds that only yields in the 10‑15% range would make Ethena compelling for capital allocation. The implication is clear: Ethena must either trigger a Bitcoin rally that expands the basis or redesign its incentive structure to deliver double‑digit returns, otherwise it risks losing DeFi liquidity to safer, higher‑yield alternatives.
Rick Rule: I Took Profits, But I’m Still All-In on Precious Metals #preciousmetals #gold #silver
Rick Rule, veteran natural‑resource investor, opened the interview by highlighting 2025 as one of his best years on record for precious metals and related equities. He acknowledged taking profits, particularly in physical silver, but emphasized he never exited the sector...