Is Ethena’s product market fit weakening?
ENEthena USDe - Protocol Analytics
Explore Ethena USDe, a Protocol with $4,015,035,382.83 in total value locked (TVL). Get real-time metrics, charts, and insights. Data from DefiLlama.
Loading chart...
About Ethena USDe
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.
Linked assets
Related alpha
Alpha Drop
Last monthEthena Exchange Rewards: you can now claim your rewards on HyENA and Ethereal
Bullishairdrop
EN
HY
ETPremium subscribers onlyRead alpha →
Alpha Drop
Last monthCoinbase Partners with Ethena and Invests in ENA
Bullishinsight
EN
US
US
COPremium subscribers onlyRead alpha →
Alpha Drop
3 months agoAn Analysis of Ethena's New USDe Model
Bullishinsight
USENPremium subscribers onlyRead alpha →
Alpha Drop
5 months agoSui deploys suiUSDe, its native stablecoin built on Ethena’s Whitelabel solution
Bullishinsight
SUENPremium subscribers onlyRead alpha →
Related Posts
Blockchains supporting Ethena USDe
| Blockchain | TVL | 24h | 7d |
|---|---|---|---|
 ETEthereum | $41,112,492,333 | +0.98% | +3.99% |