On August 13, José Maria Macedo, a partner at Delphi Ventures, wrote on the X platform that Ethena Labs' imitation project will face great challenges. Macedo pointed out that the unpledged USDe actually doubles the basis income of sUSDe, making it difficult for competitors to match. Currently about 50% of USDe is pledged, and sUSDe pledgers receive twice the income of manual basis transactions. For new entrants to be competitive, earnings must exceed twice the basis earnings plus the ENA implied earnings and risk premium. Macedo emphasized that Ethena also has other advantages such as branding, first mover advantage, and predicted that imitators will struggle to recognize the strong network effects of stablecoins.