Zhu Su: When Ethena reaches a sufficient scale, capital flow may lead to a run on the exchange

ChainCatcher news, Zhu Su posted on platform X stating that the biggest advantage and disadvantage of Ethena is merely game theory. Initially, exchanges benefited from Ethena's TVL and became investors, but as Ethena's scale became large enough, capital would flow from one exchange to another, which could lead to a bank run. If jealousy towards Ethena's strength begins to worsen, there is a possibility that exchanges may team up to hunt down Ethena.

It also stated that Ethena can compete directly with exchanges by offering perpetual products (Perps) on its platform, which theoretically is the main avenue for the development team.