Ethena Assets on Aave Hit All-Time High as “Liquid Leverage” Launch Drives Growth
The total value of Ethena-related assets supplied to Aave has surged to a new all-time high of $4.3 billion following the rollout of the “Liquid Leverage” initiative. This growth stems from major rollovers—particularly from the PT-sUSDe-July to the PT-sUSDe-September market—plus fresh inflows of sUSDe and USDe, both spurred by new incentive programs.
The PT-sUSDe-September market now makes up 50% of the total sUSDe supply ($2.45 billion), with $1.97 billion being held directly on Aave.
When accounting for standard sUSDe positions as well, over 64% of all sUSDe is currently deployed to Aave, highlighting robust integration between Ethena and the leading DeFi lending protocol.
July 30th marked the single largest day of net Ethena-asset inflows into Aave, reaching more than 2.2 times the previous peak set on December 8, 2024.
