Ethena - Protocol Analytics

Explore Ethena, a Protocol with $5,218,945,762.48 in total value locked (TVL). Get real-time metrics, charts, and insights. Data from DefiLlama.

Website @ethena

TVL

$5.219B

+0.19% from yesterday

+4.41% from last week

Volume (24h)

1.91% TVL dominance

Fees (24h)

$2.98M

$4.88M 7d fees

$17.68M 30d fees

Revenue (24h)

$3.4K

$1.5K 7d revenue

$10.2K 30d revenue

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About Ethena

USDe is Ethena’s synthetic dollar backed by delta‑neutral ETH perpetual hedge positions rather than off‑chain treasuries. The collateral basket auto‑rebalances between spot ETH, LSTs and short perps so the net delta remains near zero, turning staking rewards and funding rates into protocol revenue. USDe launched on Ethereum in January 2024 and surpassed $2 billion supply within five months, with deep secondary liquidity on Curve and Bybit.