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'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.