Ethena’s synthetic stablecoin, USDE, has crossed $ 8.4 billion in offers, adding more than $ 3.14 billion over 20 days in a wave that exceeded flows in BlackRock (BLK) The flagship funds of Bitcoin and Ether exchange.
According to data on the chain organized by the Ethena community, the increase in supply since July 17 is the fastest growth period since the creation of the protocol in February 2024.
The influx in the yield stablecoin exceeds 2.75 billion dollars added to the BlackRock’s Ether ETF (Etha) and $ 1.60 billion in Son Etf Bitcoin (Ibit) During the same period, making stable, the biggest magnet for capital on the markets both and excluding chain in recent weeks.
The rally has spread in the governance token of Ethena Ena, which more than doubled last month, although it is down 12% in the last 24 hours, traders hope that the long -awaited change in pricing will soon be activated.
The protocol has already exceeded most of the thresholds necessary to distribute income to the ENA holders marked, with the final reference, a favorable performance propagation compared to the competitors, which should be respected soon.
USDE reflexive loop
The recent growth of the USDE reflects a powerful reflexive loop integrated into its basic design, as Nansen explained in a recent research report on Ethena ecosystem.
While the prices of bitcoin and ether are gather, perpetual financing rates in turn are in turn increasingly positive. Ethena captures this financing via neutral hedges Delta and distributes it as real -time yield to the holders of Susde.
This higher yield then attracts more users, leading to a greater USDE emission, more coverage and more protocol income.
In the last month, Ethena reported nearly $ 50 million in flow and $ 10 million in revenues, according to Defillama Data. This makes it the sixth high -performance protocol for monthly costs of costs according to the data aggregator.
ENA is currently negotiated at $ 0.58.
