Foreword: 8 % on DAI, 12 % on sUSDe In August 2023 Spark, MakerDAO’s lending arm, briefly offered an 8 % APY on DAI. Justin Sun swept in with 230 k stETH—at one point 15 % of Spark’s deposits—forcing an emergency vote that cut the rate to 5 %. What was meant to be a subsidy for DAI usage almost became Sun’s personal yield farm. Two years later, in July 2025, Ethena is running a “coin-stock-bond” treasury strategy that has pushed sUSDe’s headline yield to ~12 % and sent ENA up 20 % in a day. B...

Foreword: 8 % on DAI, 12 % on sUSDe In August 2023 Spark, MakerDAO’s lending arm, briefly offered an 8 % APY on DAI. Justin Sun swept in with 230 k stETH—at one point 15 % of Spark’s deposits—forcing an emergency vote that cut the rate to 5 %. What was meant to be a subsidy for DAI usage almost became Sun’s personal yield farm. Two years later, in July 2025, Ethena is running a “coin-stock-bond” treasury strategy that has pushed sUSDe’s headline yield to ~12 % and sent ENA up 20 % in a day. B...