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Ethereum's recent Dencun upgrade, which was designed to reduce fees and help scale the network, has caused ether {{ETH}} to revert back to an inflationary asset -- potentially reversing one of the key benefits of last year's Merge.

Reserves for UStb will be invested in BUIDL, which in turn holds U.S. dollars, U.S. Treasury bills, and repurchase agreements.

"A lot of things can go wrong," in Ethena's yield-generation strategy, said Folkvang CEO Mike van Rossum.

If the proposal is approved, SOL will join BTC and ETH within Ethena's collateral mix.

The platform will use a cash-and-carry trade to short bitcoin futures and pocket funding rates to generate yield on its USDe tokens.

Ethena's $46 million allocation fits into the growing trend of DeFi platforms and protocol foundations investing in real-world asset-backed products to earn a yield without leaving blockchain rails.

The protocol's rejuvenation is driven by elevated perpetual funding rates, with more catalysts ahead for growth.

Ethena's USDe tokenized yield strategy has attracted over $2 billion in deposits and some scrutiny of the token's risks.

Bitcoin relinquished early gains above $70,000 to close the week only marginally higher.

Ether's sell-off has stalled at an upward-sloping trendline, characterizing the rally from October lows.