Ethena isn’t a basis-trade protocol anymore: only $21M (0.5%) of AUM is in basis trades. It’s now a stablecoin yield aggregator. An onchain money market fund. Yields come from DeFi lending, fully tied to crypto risk and rates. The risk also shifted from CEXs exposure to DeFi. And Defi isn't having the best days when it comes to security.

Obviously, if the market turns bullish and more degens go max long, the capital can be rotated to basis trade. That's an option that most other defi aggregators can't fall back to.