According to CoinMeta, Ethena indicates that USDE endorsements are facing a significant shift towards equity perpetual contracts. Data shows that the open interest of equity perpetual contracts reached $6.2 billion on August 11, representing a tenfold increase since March. The funding rates for equity perpetual contracts range on average between 14% and 17.5%, which is significantly higher than Bitcoin’s 4.1% during the same period. Ethena believes that the equity market could become a larger underlying trading market than the crypto market. Although these figures are still small compared to the global stock market, their growth trend cannot be ignored.