Ethena Labs
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This week's sUSDe reward distribution is ~8% APY
Note: with the recent improvement in funding rates the composition of USDe has begun gradually shifting towards USDT-M perpetual positions
As a result the sUSDe APY this week was diluted by the composition of backing transitioning back into basis positions, the effect of which will have subsided by next week once this transition is complete
Note: with the recent improvement in funding rates the composition of USDe has begun gradually shifting towards USDT-M perpetual positions
As a result the sUSDe APY this week was diluted by the composition of backing transitioning back into basis positions, the effect of which will have subsided by next week once this transition is complete
We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany.
As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried out by Ethena (BVI) Limited without any pause or issue.
All whitelisted mint and redeem users previously interacting with Ethena GmbH have at their request been onboarded with Ethena (BVI) Limited instead and have no ongoing relationship with Ethena GmbH whatsoever.
As a result, Ethena GmbH no longer has any whitelisted users or direct customers.
As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried out by Ethena (BVI) Limited without any pause or issue.
All whitelisted mint and redeem users previously interacting with Ethena GmbH have at their request been onboarded with Ethena (BVI) Limited instead and have no ongoing relationship with Ethena GmbH whatsoever.
As a result, Ethena GmbH no longer has any whitelisted users or direct customers.
USDe has officially launched on @bnbchain 🔶
USDe and sUSDe go live on @PancakeSwap, @VenusProtocol, and @pendle_fi BNB deployment
Users can swap, lend, and save with Ethena assets on BNB Chain
USDe and sUSDe go live on @PancakeSwap, @VenusProtocol, and @pendle_fi BNB deployment
Users can swap, lend, and save with Ethena assets on BNB Chain
Aave Temp Check Proposal to Onboard USDtb
If approved by both governance frameworks, this will allow Ethena to gain exposure to overcollateralised lending rates on top of the underlying USDtb
Jump into the discussion below 👻
https://governance.aave.com/t/temp-check-onboard-usdtb-to-aave-v3-core-instance/21564
If approved by both governance frameworks, this will allow Ethena to gain exposure to overcollateralised lending rates on top of the underlying USDtb
Jump into the discussion below 👻
https://governance.aave.com/t/temp-check-onboard-usdtb-to-aave-v3-core-instance/21564
Convergence
https://cdn.sanity.io/files/dgybcd83/production/a2d44e9ad037fd58f22c82fff9756f6451812d8b.pdf
https://cdn.sanity.io/files/dgybcd83/production/a2d44e9ad037fd58f22c82fff9756f6451812d8b.pdf
Since its inception, Ethena has been exploring various options and jurisdictions when it comes to regulatory frameworks globally that would be conducive to our business, and as a result we have multiple entities within our structure facilitating minting and redemption. A MiCAR authorization via Ethena GmbH was one of various options we have been pursuing.
We were informed today that Ethena GmbH’s application under the MiCAR regulatory framework will not be approved. While we are disappointed by this decision, we will continue to evaluate alternative frameworks.
To be clear, the decision will in no way disrupt any current listings of USDe, or minting and redemption via Ethena (BVI) Limited (which services the vast majority of our mint users) and USDe remains fully backed. Contrary to reports, no assets have been "frozen" and all remain available for redemption. We will be revising our Terms accordingly in the coming week.
We were informed today that Ethena GmbH’s application under the MiCAR regulatory framework will not be approved. While we are disappointed by this decision, we will continue to evaluate alternative frameworks.
To be clear, the decision will in no way disrupt any current listings of USDe, or minting and redemption via Ethena (BVI) Limited (which services the vast majority of our mint users) and USDe remains fully backed. Contrary to reports, no assets have been "frozen" and all remain available for redemption. We will be revising our Terms accordingly in the coming week.
Ethena ($ENA) Q4 2024 Financial Report
Ethena ($ENA) Q4 2024 Financial Report
Ethena Labs is the creator of USDe, a synthetic dollar protocol built on Ethereum. This initiative addresses the need for a stable, scalable form of money within the crypto-native space, without relying on traditional banking systems.
Revenue and User Statistics 2025-03-07$ENA Token Metrics as of March 05, 2025Market Cap: $2.02BFully Diluted Market Cap: $5.74BCirculating supply: 5,285,937,500 ENATotal Supply: 15,000,000,000 ENAToken Holders: 59,767
Performance Highlights:USDe was the fastest USD asset to hit $5bn of supply ever. sUSDe on Aave crossed over $1bn and Ethena markets on Pendle passed $2bn.Avg sUSDe APY of 18% for 2024 set a new benchmark rate for the entire industry. Ethena was the second fastest protocol to hit $100m of revenue ever.Launched the Ethena Network, with 3 applications committing a % of their token supply to sENA. Ethereal is the largest so far with over $300m of TVL and 15% of token supply committed to sENA.
Future Outlook:
Ethena will launch a new product next month to export sUSDe in an institutional friendly wrapper for traditional finance: iUSDe.Ethena will launch a Telegram application for users to send, spend and save with sUSDe. Immediate access via Telegram’s 900m+ users provides the distribution platform to deliver this product to the world.Continue building out Ethena Network, launching new applications to drive value back to sENA with apps committing a % of their token supply to sENA.
Ethena Labs is the creator of USDe, a synthetic dollar protocol built on Ethereum. This initiative addresses the need for a stable, scalable form of money within the crypto-native space, without relying on traditional banking systems.
Revenue and User Statistics 2025-03-07$ENA Token Metrics as of March 05, 2025Market Cap: $2.02BFully Diluted Market Cap: $5.74BCirculating supply: 5,285,937,500 ENATotal Supply: 15,000,000,000 ENAToken Holders: 59,767
Performance Highlights:USDe was the fastest USD asset to hit $5bn of supply ever. sUSDe on Aave crossed over $1bn and Ethena markets on Pendle passed $2bn.Avg sUSDe APY of 18% for 2024 set a new benchmark rate for the entire industry. Ethena was the second fastest protocol to hit $100m of revenue ever.Launched the Ethena Network, with 3 applications committing a % of their token supply to sENA. Ethereal is the largest so far with over $300m of TVL and 15% of token supply committed to sENA.
Future Outlook:
Ethena will launch a new product next month to export sUSDe in an institutional friendly wrapper for traditional finance: iUSDe.Ethena will launch a Telegram application for users to send, spend and save with sUSDe. Immediate access via Telegram’s 900m+ users provides the distribution platform to deliver this product to the world.Continue building out Ethena Network, launching new applications to drive value back to sENA with apps committing a % of their token supply to sENA.
Despite the largest exchange hack in history occurring in the last week, the weekly distribution for sUSDe has been finalised at ~9% APY
sUSDe: ~9%
sUSDS: ~7%
aUSDC: ~5%
aUSDT: ~4%
BFUSD: ~3%
Just use Ethena
https://ethena.fi/
sUSDe: ~9%
sUSDS: ~7%
aUSDC: ~5%
aUSDT: ~4%
BFUSD: ~3%
Just use Ethena
https://ethena.fi/
Announcing two new Pendle pools:
i) eUSDe with @etherealdex, expiring May 29, earning Ethena Rewards at 50x & Ethereal points
ii) USDe, expiring July 31, earning max Ethena Rewards at a NEW max rate of 60x
Interactions with Ethena post S3 expiry will be eligible for S4 rewards, with further details on S4 to be provided next month
i) eUSDe with @etherealdex, expiring May 29, earning Ethena Rewards at 50x & Ethereal points
ii) USDe, expiring July 31, earning max Ethena Rewards at a NEW max rate of 60x
Interactions with Ethena post S3 expiry will be eligible for S4 rewards, with further details on S4 to be provided next month
Ethena and Exchange Risk: Bybit Case Study
As the dust settles on the events of last weekend, we wanted to provide an in-depth breakdown of how the protocol handled what many thought would be a “worst case scenario” event for USDe
Link in post below:
As the dust settles on the events of last weekend, we wanted to provide an in-depth breakdown of how the protocol handled what many thought would be a “worst case scenario” event for USDe
Link in post below:
We are aware of the situation currently evolving with Bybit and are continuing to monitor developments.
As a reminder: all spot assets backing USDe are held in off exchange custody solutions, including ByBit via Copper Clearloop for this precise reason.
Not a single dollar of spot backing value is held on any exchange, including Bybit.
Currently there is <$30m of aggregate unrealised PNL relating to Bybit hedge positions, which is less than half of the reserve fund.
USDe remains more than fully collateralised at this time.
We will provide updates as we receive them.
As a reminder: all spot assets backing USDe are held in off exchange custody solutions, including ByBit via Copper Clearloop for this precise reason.
Not a single dollar of spot backing value is held on any exchange, including Bybit.
Currently there is <$30m of aggregate unrealised PNL relating to Bybit hedge positions, which is less than half of the reserve fund.
USDe remains more than fully collateralised at this time.
We will provide updates as we receive them.
Ethena was covered in @ARKInvest "Big Ideas 2025", full link below:
Within one week since the largest liquidation event in history
Funding is back to ~10%
Funding is back to ~10%
Research piece linked below: an inside look at the largest liquidation event in history, and how Ethena can benefit from these dislocations
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