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ToggleFunding rates once turned negative
In the past three days, the cryptocurrency derivatives trading market has liquidated nearly $1.7 billion in positions due to massive declines, most of which were bullish contracts. According to data from CoinGlass, the funding rates of Ethereum and Bitcoin even turned negative for a time on April 14, which made the community begin to worry about whether the Ethena protocol, which relies on funding rate arbitrage, is about to face a test.
Ethena’s first negative income?
According to data from DeFiLlama, the Ethena protocol experienced negative revenue for the first time this week. The negative revenue was mainly generated on April 11, with approximately $1.38 million in negative revenue generated on that day. The data after April 13 has not yet been updated.
However, this data seems to contain errors and does not truly reflect Ethena's income. In an interview with "Wu Blockchain Blockchain", Ethena officials stated that the income paid to sUSDe this week was US$1.4 million; Ethena's additional income this week was approximately US$3 million, which is usually transferred to the insurance fund at the end of each week wallet (0x2b…d4d5), but this week due to the postponement of the transfer into the contract, there was a calculation difference on the relevant data website. The Ethena team is communicating with data websites such as DeFiLlama to correct this difference.
ENA whale increases position and pledges
On the other hand, according to information shared by the In the past 4 days, the whale withdrew a total of 18.12 million ENA (approximately $23.9 million) from Binance and pledged all its ENA tokens through 2 wallet addresses.
