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"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.

Many of the largest decentralized exchanges (DEX) tokens posted gains on Tuesday.