Ethena USDe - Protocol Analytics

Explore Ethena USDe, a Protocol with $4,448,811,013.01 in total value locked (TVL). Get real-time metrics, charts, and insights. Data from DefiLlama.

Website @ethena_labs

TVL

$4.449B

+0.04% from yesterday

+2.25% from last week

Volume (24h)

1.80% TVL dominance

Fees (24h)

$1.2K

$3.51M 7d fees

$14.19M 30d fees

Revenue (24h)

$1.2K

$121K 7d revenue

$813.5K 30d revenue

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About Ethena USDe

ENA$0.1

1.05%

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.