Ethena Labs explains the reason for the significant reduction in sUSDe APY: to ensure a slow and controlled product launch

The decentralized stablecoin project Ethena Labs published a document on the Ethena Labs stated that the reduction in sUSDe payments is to ensure a slow and controlled product rollout to prepare for emergencies as the protocol evolves, with reserved USDe held by the protocol and distributed to holders at a later date. According to Ethena Labs, APY will change over time, is not guaranteed, and may be below zero. When there is too much leverage demand in the system to go long cryptocurrencies, the yield can be very high. As with any interest rate, this It is just a manifestation of the imbalance between capital supply and demand in the system. In addition, Ethena Labs also publishes on-chain transaction receipts, sharing the details of calculating APY with the community to ensure transparency.