According to reports from Wu, as the sUSDe APY rose above 6.5%, the net staking amount of Ethena USDe reached $839 million in May, marking the third highest monthly total in history. The staking rate recovered from less than 45% at the beginning of the month to over 57%. Pendle Intern stated that Pendle contributed $820 million, accounting for approximately 83% of the inflow. The Ethena sUSDe TVL on Pendle grew from $1.07 billion to $1.89 billion in May.