ChainCatcher 消息，朱溯 在 X 平台发文表示，Ethena 最大的优势和劣势只是博弈论，最初交易所从 Ethena TVL 中获益并成为投资者，后来 Ethena 的规模变得足够大时，资本会从一个交易所流向另一个交易所，这可能会导致挤兑。如果对 Ethena 力量的嫉妒情绪开始恶化，那么交易所联手围捕 Ethena 的可能性是存在的。 其还称，Ethena 可以通过在其平台上提供永续...

ChainCatcher 消息，朱溯 在 X 平台发文表示，Ethena 最大的优势和劣势只是博弈论，最初交易所从 Ethena TVL 中获益并成为投资者，后来 Ethena 的规模变得足够大时，资本会从一个交易所流向另一个交易所，这可能会导致挤兑。如果对 Ethena 力量的嫉妒情绪开始恶化，那么交易所联手围捕 Ethena 的可能性是存在的。其还称，Ethena 可以通过在其平台上提供永续产品（Perps）与交易所直接竞争，从理论上讲，这是发展团队的主要途径。

朱溯：当 Ethena 规模足够大时，资金流动或致交易所发生挤兑

According to ChainCatcher, Zhu Su wrote on the X platform that Ethena’s biggest strengths and weaknesses are just game theory. Initially, exchanges benefited from Ethena TVL and became investors. Later, when Ethena became large enough, capital would flow from one exchange to another, which could lead to a run. If jealousy of Ethena’s power begins to worsen, there is a possibility that exchanges will join forces to round up Ethena. He also said that Ethena could provide perpetual...

According to ChainCatcher news, Zhu Su published an article on the flow to another exchange, which could lead to a run. If jealousy over Ethena&#39;s power begins to fester, the possibility exists that the exchanges could team up to round up Ethena. It also claims that Ethena can compete directly with exchanges by offering perpetual products (Perps) on its platform, which in theory is the main way to grow its team.

Zhu Su: When Ethena is large enough, capital flows may cause a run on the exchange

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Regarding US stocks and macroeconomics:
The theme of capital shifting from cyclical to defensive sectors has been the focus in the past few months, and in the recent earnings season, the profit growth of defensive companies has outpaced that of cyclical companies, verifying the previous judgments of investors. This theme of rotation is expected to continue...
Typically, when the economy weakens and the market yield declines, defensive stocks tend to outperform. Cyclical stocks are still relatively expensive and have room for further adjustment.
The blue line represents the interest rate expectations in the futures market, and the gap between it and the stock market performance reflects that although the stock market is currently performing strongly, the futures market's expectations show concerns about economic growth. Normally, such a gap...