CryptoQuant Research Director: If a large-scale negative funding rate event occurs, the current Ethena reserve fund is sufficient to cover the payment

CryptoQuant Research Director Julio Moreno evaluated Ethena's reserve fund payment capacity in the event of large-scale negative funding rates. He assumed that the behavior of ETH funding rates would be the same before and after Ethereum's merger, as long as USDe's market value does not exceed 4 billion dollars (currently at 2.4 billion dollars), the current reserve fund (32.7 million dollars) is sufficient to cover payments. However, if USDe grows to 5 billion, 7.5 billion or 10 billion dollars, under this large-scale negative funding rate event, the reserve fund needs to increase to about 40 million, 60 million and 80 million dollars respectively.