CoinGecko：2024年全球稳定币状况报告（英文版）

A yield-bearing stablecoin design proposed and championed by Arthur Hayes post-Terra collapse, he eventually funded the Ethena team to implement and execute on this vision. ▪ As the position is delta-neutral, the yield is generated via: ▪ Rewards from native protocol staking ▪ Funding fee from the short position ▪ The latter is only possible as the historical funding rate for BTC and ETH perpetual contracts have a positive bias, i.e. there are (almost) always more longs than shorts, and longs