USDe was recently added to $TON , and many users started staking $USDe, turning it into tsUSDe to earn APY. You may have been surprised𤯠to see that the interest rate can change significantly from week to week.
It all depends on where tsUSDeâs yield comes from and how USDe maintains its $1 peg.
$USDe is not like USDT â itâs not backed by fiat or bonds. Instead, the company Ethena stakes Ethereum and opens short positions on futures for the same amount to neutralize risk. This creates a delta-neutral strategy and helps keep the price at $1.
The tsUSDe yield comes fromđ:
â Staking ETH.
â Funding received from the short.
âStablecoin staking rewards.
But most of the staking yield (~75%) comes from funding. And funding is unstable â when the market rises, funding is positive and Ethena earns yieldđ. But if the market drops, funding becomes negative, Ethena loses money, and tsUSDe APY goes down accordinglyđ.
By the wayâď¸, if you want to withdraw your tsUSDe from staking, do not swap them for $USDe â youâll lose part of your earnings. Itâs much better to unstake with a 7-day lock via the site "ethena,ston,fi".
Thatâs the official DEX STON.fi x Ethena site. You can also check how many points youâve farmed for the Ethena airdrop there, and the best part â you can stake $USDe and add to the STON.fi pool in a single transactionđ.
I actually wrote a guide on the TON Foundation x Ethena AirdropÂ
