I’ve been following Ethena since day one.
From a February 2024 launch to becoming the #3 stablecoin in the world, USDe’s growth has been nothing short of insane.
Here’s the month-by-month breakdown — and what comes next. 👇
February 2024
▸ Feb 19: USDe goes live. Ethena calls it a synthetic dollar
▸ The Shard Campaign launches the same day — a clever points race to onboard early adopters.
March 2024 — 1 Billion in Supply
▸ In just three weeks, USDe supply rockets past 1B.
The driver? A simple, scalable yield model:
▸ Long spot BTC, ETH, SOL, stables
▸ Short perpetual futures
▸ Funding payments flow to sUSDe holders
▸ The faster perp funding rises, the more it prints.
April 2024 - ENA COMES ALL IN
▸ April 1: Shard Campaign wraps.
▸ April 2: ENA governance token launches — liquidity floods in
▸ April 4: Bitcoin collateral added, dashboards go public
▸ TVL closes the month near $880M, already passing FRAX and crvUSD
Late 2024
▸ Supply passes $6B.
▸ Annualized revenue clears $1.2B.
▸ December: Ethena launches USDtb, a BlackRock-backed stablecoin for downside protection.
▸ By year-end, USDe was setting the pace.
Early 2025 — Capital Moves In
▸ January: $100M funding round closes.
▸ March: Another $16M lands.
▸ Institutional product iUSDe gets announced — bridging DeFi yields to TradFi money.”
July 2025
▸ GENIUS Act passes, banning yield on regulated stablecoins
▸ Capital flees to yield-heavy alternatives — USDe being the prime target
▸ Supply explodes 75% in a single month to $9.3B
▸ Over $4.7B of USDe lands on Aave — great for TVL, but leverage risks start flashing.
August 2025
You all have seen it!
▸ Aug 10: USDe becomes the fastest stablecoin ever to hit $10B TVL
▸ Aug 11: ENA prints a golden cross, rips 16%, and hits $5.4B market cap.
▸ Four of five “fee switch” triggers are done — only exchange listings left to send protocol fees to ENA holders.
IMO Ethena is the fastest horse on the track right now!
But the same reflexivity that drives it up can pull it down if funding flips or leverage unwinds
If you’re in, watch perp funding like a hawk and track Aave exposure daily
This thing can keep running — but when it turns, it will turn fast.
NFA
JUST WHAT I THINK!