Ethena is proposing to lend to Maple Institutional. Maple Institutional depositors should be watching. The spread between Maple Institutional and syrupUSDC has compressed from 2.7% to ~0.7% in the past year. More capital deploying to the same book could compress yields further.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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