Ethena’s token generates yield from perpetual futures’ funding charges and passes on the revenue to those that lock-up or stake, the token. In the meantime, Superstate sells futures with sure maturity dates offering a extra predictable return, and distributes the yield to all token holders, Leshner mentioned. USCC additionally targets certified, whitelisted buyers to adjust to U.S. securities legal guidelines and operates as a sequence of a Delaware Belief, a bankruptcy-remote entity from Superstate, he added.
