a kink in this context is an increase in the interest rate curve Without any kinks, it’s a straight line With a kink, rates change at different speeds at different percentages The goal for Ethena is to increase borrow rates when utilization is above 95% such that more capital doesn’t flow into

a kink in this context is an increase in the interest rate curve Without any kinks, it’s a straight line With a kink, rates change at different speeds at different percentages The goal for Ethena is to increase borrow rates when utilization is above 95% such that more capital doesn’t flow into

Ethena Market Update At the direction of the Ethena Risk Committee, the USDG borrow rate curve in the Ethena Market is being updated starting next week. Specifics will be detailed soon on the plan to maintain partial liquidity on backing asset positions and align with Ethena's desired risk managem