Ethena Expands Basis Trading to Equity Perpetuals, RWA Perps to Surpass Crypto Derivatives

This signals a strategic pivot for Ethena beyond crypto-native assets, aiming to capture yield from traditional equity markets via perpetuals. The claim that RWA perps will outpace crypto derivatives suggests a major shift in where DeFi liquidity and demand could flow, potentially broadening the sector's appeal to institutional players. The key watch point is whether infrastructure and regulatory frameworks can support this expansion at scale, as the timeline of 12-24 months implies a rapid maturation. If realized, this could redefine basis trading opportunities and the overall derivatives market structure.