Price Prediction
Ethena Pay's Earn+ Vault Strategy
Ethena Pay's Earn+ vault, which pairs USDe collateral with USDT borrowing, could face potential losses if the USDe price falls against USDT. The app's Oct. 28 launch strategy targets roughly 11 times leverage, but the USDe oracle follows USDT, potentially missing a USDe-specific discount. This could lead to reported collateral health remaining insensitive to a market move that reduces the value remaining after debt repayment.