In the realm of cryptocurrency, stablecoins have increasingly taken on crucial roles as storehouses of value and transaction mediums. Recently, José Maria Macedo, a partner at Delphi Ventures, shared insights on the X platform suggesting that newcomers aiming to compete with Ethena Labs in the stablecoin market will face significant challenges. Macedo particularly highlighted the disparity between the yield mechanisms of USDe (uncollateralized US dollar stablecoin) and sUSDe (collateralized US dollar stablecoin). He explained that USDe essentially acts as a multiplier for the basis yield of sUSDe, making it hard for competitors to match its performance. Currently, approximately 50% of USDe is already collateralized, while sUSDe holders receive yields twice as much as those manually engaging in basis trading. This implies that new entrants not only need to offer a return that is double the current basis yield but also consider the implicit yield and risk premium of ENA. Additionally, Macedo mentioned other factors such as Ethena Labs' brand presence and first-mover advantage, further emphasizing the arduous task faced by copycats. He predicted that these copycats would eventually realize the power of network effects in the stablecoin market, thus acknowledging their disadvantages in the competitive landscape.