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Conor Ryder
Ethena
1,032 posts
user avatar
Conor Ryder
Ethena
@ConorRyder
Head of Research @ethena | Prev. Research @KaikoData
Joined October 2011
948
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35.3K
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  • Pinned
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    Conor Ryder
    Ethena
    @ConorRyder
    Feb 19, 2024
    A lot of new eyes on Ethena today and people are right to point out the risks involved I wanted to take a sec to highlight some of the extensive work we've done surrounding the risks of the design, and specifically addressing funding risk Before I get into the meat and veg
    308K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Mar 23, 2023
    The liquidity situation in crypto is worsening after the banking fears this month 📉 I dived into several liquidity metrics to give an update on all things crypto liquidity🧵 First, $BTC liquidity has dropped to 10 month lows as market makers lose access to USD payment rails👇
    1.2M
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Aug 5, 2024
    How did USDe handle the last 24 hours? Some context: 1/ Largest $ daily drawdown in open interest across major exchanges for ETH contracts ever (excl. FTX)
    96K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Feb 9, 2025
    Article cover image
    Article
    Inside Look at a Historical Liquidation Event
    Summary Largest notional liquidation event ever, with the largest ever drawdown in open interest Highest ever 24hr volume in perpetual futures markets $14bn drawdown in open interest roughly confirms...
    50K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Aug 20, 2025
    Annualizoor $1bn waiting room
    28K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Mar 23, 2023
    Replying to @ConorRyder
    2/ US exchanges have been hardest hit due to the closure of USD payment rails and crypto banks Market makers in the region facing unprecedented challenges to their operations
    42K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Feb 28, 2025
    Ethena recap on one of the crazier weeks: - Bybit hack vindicated off exchange custody design of USDe and answered one of the biggest questions of Ethena's resilience during a CEX incident - Ethena process $120m of redemptions in the aftermath of the hack with zero issues -
    17K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Jul 21, 2025
    $800m in 3 days Higher
    21K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Mar 23, 2023
    Replying to @ConorRyder
    5/ Coinbase have struggled from a volumes standpoint too despite the launch of its Layer 2 Base and fear around USD pairs Binance have gained 20% marketshare since July thanks largely to their zero fee pairs
    35K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Aug 1, 2025
    Some wider metrics after our growth the last 2 weeks: > Over $5bn Ethena assets on Aave > Ethereal TVL surpassed $1bn > Ethena assets driving 60% of Pendle's TVL > Bybit USDe all time highs of $710m > $1bn of Ethena assets held by Spark + 11% APY on $8.5bn dollars Decent
    9.6K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Aug 22, 2025
    Annualizoors rejoice
    user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Aug 20, 2025
    Annualizoor $1bn waiting room
    9.9K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Mar 23, 2023
    Replying to @ConorRyder
    4/ Same story for slippage On a $100k sell order, Coinbase's btc-usd pair has increased by 2.5x the slippage it started the month at Binance's btc-usdt pair's slippage meanwhile barely moved
    42K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Mar 23, 2023
    Replying to @ConorRyder
    6/ Zero fee pairs have made up 61% of Binance's volumes but they have now officially removed zero fees for all pairs except btc-tusd The importance of this is not to be understated — Binance is the most liquid exchange and the btc-usdt pair is the most liquid pair in crypto.
    36K
  • user avatar
    Conor Ryder
    Ethena
    @ConorRyder
    Jul 30, 2025
    Jobs not done 11 figure USDe soon
    user avatar
    Ethena
    @ethena
    Jul 30, 2025
    This is our year tigers
    00:00
    13K

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