# 0xfC61

## Recent Posts

- [Your Dollars Are Lazy. Here's How Ethena Puts Them to Work.](https://paragraph.com/@0xfc6153a6d0cc40e17d9b48fe2fb1aacd9c63114e/your-dollars-are-lazy-heres-how-ethena-puts-them-to-work): A no-jargon explainer of the synthetic dollar that's quietly become the third-largest stablecoin in crypto — and what could go wrong.
- [Trading the Ethena Basis: A Multi-Leg Strategy for Capturing sUSDe Yield Without Being Long Reflexivity](https://paragraph.com/@0xfc6153a6d0cc40e17d9b48fe2fb1aacd9c63114e/trading-the-ethena-basis-a-multi-leg-strategy-for-capturing-susde-yield-without-being-long-reflexivity): A practical framework for harvesting Ethena's yield while structurally positioning against the feedback loops that destroyed naive loopers in October 2025.
- [Why Ethena Isn't UST — and Why That Doesn't Mean It's Safe](https://paragraph.com/@0xfc6153a6d0cc40e17d9b48fe2fb1aacd9c63114e/why-ethena-isnt-ust-%E2%80%94-and-why-that-doesnt-mean-its-safe): A game-theoretic analysis of the four reflexivity loops that govern USDe's boom-bust cycle — and the stress test that hasn't happened yet.

## Blog Information

- [Homepage](https://paragraph.com/@0xfc6153a6d0cc40e17d9b48fe2fb1aacd9c63114e/): Main blog page
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## Optional

- [All Posts](https://paragraph.com/@0xfc6153a6d0cc40e17d9b48fe2fb1aacd9c63114e/): Complete post archive
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