The USDe stablecoin from Ethena has experienced a strong increase in its adoption, with a 75% increase in its supply over the last month, reaching 9.3 billion dollars, according to data from DeFiLlama. This increase has propelled USDe to surpass FDUSD and become the third largest stablecoin by market capitalization, only behind Tether (USDT) and USD Coin (USDC).
During the last month, the market capitalization of USDe skyrocketed an astonishing 75%. Additionally, the synthetic dollar protocol announced that it is working on a USD-compatible stablecoin following the approval of the GENIUS Act last month.
Moreover, the DeFi protocol Ethena is experiencing a significant boost, climbing to sixth place, with a total value locked (TVL) that already exceeds 9.47 billion dollars. The rapid growth of the protocol is due to high yields and recent integrations, attracting a mix of DeFi users seeking risk and more conservative stakers.
The price of Ethena has already risen 140% over the last month, amid strong growth in the ecosystem. Today's 15% surge gives investors hope for a future recovery after last week's strong selling pressure. The daily trading volume of ENA has increased by 20%, surpassing 1.1 billion dollars, demonstrating bullish sentiment among investors. According to ENA price prediction data, the altcoin will continue its rally to 0.70 dollars over the next month.
During July, the Ethena ecosystem recorded massive USD inflows worth 2.96 billion, compared to 47 million in the previous June. Likewise, platform fees soared to 36.5 million dollars in July, compared to 19.96 million in June.