💵 Ethena Labs (ENA) – Internet Bond & Synthetic Dollar USDe on Ethereum
(Data updated to 07/2025 and is just basic information about the project to facilitate basic evaluation – Not investment advice)
🧭 Project overview
- @ethena_labs develops USDe, a “crypto-native” synthetic stablecoin, using a delta-hedged strategy on ETH & BTC to maintain peg.
- Providing the “Internet Bond” product – sUSDe allows users to earn from staking and derivatives market.
- Founded by Guy Young (2023), USDe launched in February 2024, ENA token released in April 2024.
📅 Important timeline (2024 – 07/2025)
- Feb 19, 2024: USDe officially launched; Epoch 1 Shard Campaign initiated.
- Apr 2, 2024: ENA token launched, Shard/Sats Campaign opened; BTC becomes USDe sponsor from 4/4.
- Aug 2024: Negative annual revenue report due to negative funding rate; TVL exceeds $3.18 billion, reserves ~46.5 million USD.
- Early 2025: After the bull market, annualized revenue >$100 million (USDe market cap ~6 billion USD); plan for iUSDe, TradFi integration.
🤝 Partnerships & strategic partners
- Supported by Binance Labs, Wintermute, Dragonfly, OKX Ventures.
- Partnerships with Telegram (sUSDe on Telegram), BlackRock (USDtb), Securitize, TradFi like Fidelity, Franklin Templeton.
📊 TVL & revenue Q2/2025
- TVL: ~5.3 – 5.45 billion USD on Ethereum
- Revenue fees (30d): $67k ($795k annualized).
- Impressive revenue: ~$88.5 million.
📈 Tokenomics & ENA price
- Current price of $ENA: ~$0.27; Market Cap: ~$1.66–1.69 billion USD; circulating ~6.35 billion/15 billion total.
- ATH: $1.52 (Apr 2024); ATL: ~$0.195 (Sept 2024).
- Current price down ~82% from ATH, higher than ATL by ~+38%.
⚙️ Technology & products
- USDe maintains peg through delta-neutral: staking stETH/BTC & short futures.
- sUSDe – a token that generates profit automatically when minting & staking USDe.
USDtb – TradFi stablecoin combined with BlackRock USD money-market.
⚠️ Strengths – Challenges
✅ Capital-efficient stablecoin (1:1 peg);
✅ USDe market cap >$5 billion, the 3rd largest stablecoin in crypto (2025);
✅ Support from multiple VCs & partnerships with TradFi;
⚠️ Negative funding rate in bear market reduces revenue – previously suffered losses;
⚠️ Need to address peg risk if the futures market reverses.
⚠️ The token price has dropped significantly from its ATH, causing psychological pressure.
🧾 Conclusion
Ethena Labs is a unique protocol for issuing synthetic stablecoins, combining yield-bearing stablecoins and an “Internet Bond”. With USDe market cap >$5 billion and revenue exceeding $100 million/year, Ethena has established its position. However, the model relies on the state of the futures market – funding rate – which remains a challenge in a downtrend. Need to monitor iUSDe, TradFi expansion, and funding rates to assess long-term sustainability.
🎯 Hashtags:
#ethena #USDe #sUSDe #InternetBond #stablecoin #DeltaNeutral #DeFi #Tokenomics #Messari #BinanceResearch
Source: Messari, Binance Research, CoinMarketCap, DefiLlama, Blogtienao,… Please bookmark, save, like and share if you find the article useful, thank you. Technical analysis, if any, is just a personal opinion, merely for reference – not investment advice.
