Zhu Su: The exchange has the possibility of rounding up Ethena

Zhu Su stated in a post on X platform that the biggest advantage and disadvantage of Ethena is only game theory. Initially, the exchange benefited from the lock-up volume of Ethena and became an investor. After that, Ethena's scale became large enough to even dominate. At this point, capital flowing from one exchange to another may cause a run on Ethena. If jealousy towards Ethena's power begins to deteriorate, there is a possibility of exchanges colluding to capture Ethena. Ethena can compete directly with exchanges by offering perpetual products (Perps) on its own platform.