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Native crypto yields enable capital efficient crypto-backed stables • • Example model: Long spot staked ETH + short ETH futs = synthetic USD Crypto-backed USD stablecoins have long been considered a 'holy grail' The emergence of positive. carry on ETH makes this possible 2021 stETH Yield Accrued 2022 6.5% 5.0% 2021 2022 Synthetic stETH-backed 2023 5.7% < Ethena + 2023 Ol Weighted Average Rate +/(-) 16% (-0.3%) 8.3% Overcollat stETH-backed • Benefits include greater decentralization and native 2021 yields Excess Spread 2022 2023 22.5% 4.7% 14% Data from Ethena * sDAI is backed by RWA as well as wstETH prisma Liquity Raft * Lybra Finance SDAI FUTURE - Yield & crypto collateral 14

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