📈 USDe Ranks Third Among DeFi Stablecoins: The Yield Distribution Mechanism is Reshaping the Stablecoin Narrative【 Investment Allocation Series 04🔵】 Ethena Labs' USDe, as a synthetic stablecoin, is fundamentally different from traditional stablecoins due to its built-in yield generation and distribution mechanism. USDe does not rely on fiat reserves from traditional banking systems, but instead implements a delta-neutral hedging strategy through crypto assets and corresponding derivative contracts (primarily perpetual futures) to achieve price stability and yield generation. This design not only makes USDe a 'native cryptocurrency solution without banking infrastructure' in the DeFi ecosystem, but also provides holders with attractive passive income through its staking version sUSDe. @ethena_labs TVL officially breaks the $10 billion threshold, and the market's attitude has shifted from cautious observation to trust, with a massive influx of funds reflecting the market's high recognition of its yield model and risk control logic. The annualized interest rate of $sUSDe has currently rebounded to about 11%, signaling a convergence of multiple market dynamics for institutions and participants familiar with its operational logic. Ethena's yield model essentially binds on-chain capital leverage, trading activity volatility, and platform revenue circulation mechanisms together. The market conditions in March last year proved that the APY of $sUSDe maintained above 60% at that time, directly driving the platform's TVL to the billion-dollar level. Currently, the total supply of $USDe has increased by over 75% compared to last month, firmly holding the third position in the DeFi stablecoin market, second only to USDT and USDC. Unlike traditional stablecoins, $USDe has a built-in yield conversion mechanism that generates income sources through collateral and derivative contract strategies, which are then distributed to holders, directly making $sUSDe the most attractive yield-generating stable asset in the current market, with an average annualized yield of 7.3% over the past 30 days, far exceeding the passive income provided by traditional money market funds and the vast majority of DeFi protocols. The performance of the governance token $ENA has significantly benefited from the positive reinforcement effect of the platform's economic cycle. In the past month, $ENA has accumulated a rise of nearly 150%, stemming from the market's recognition of it as a platform value capture tool, further benefiting from the token buyback policy continuously promoted by @stablecoin_x, allocating $360 million to ENA. Previously, Ethena established a digital asset partnership with @Anchorage, lowering the threshold for compliant custody and institutional entry. Anchorage is a regulated bank in the United States, providing institutions with compliant holding and trading channels. Unique Advantages of the Yield Distribution Mechanism 1⃣ Ethena's Yield Distribution Mechanism: By tying protocol income to sUSDe holders and ENA token holders, a strong positive feedback loop is formed. sUSDe holders can earn yield generated by the protocol by staking USDe, which mainly comes from rewards for staking ETH and funding rates in the derivatives market. 2⃣ ENA Token Holders: A portion of the protocol's income is used for $ENA buybacks, reducing circulating supply and boosting token prices. 3⃣ Amplification Effect of Leverage Strategies: On platforms like Aave, sUSDe serves as collateral supporting leverage strategies of up to 9 times. For instance, the yield rate of 8-11% provided by PT-sUSDe far exceeds the borrowing cost of about 5%, creating significant arbitrage opportunities. ⚠️ Investment Warning: This series of content is for general informational sharing only and does not constitute investment advice. All asset allocations or market views are for reference only and do not consider the risk tolerance, financial goals, and funding status of any individual investor. Investment involves risks, market performance may fluctuate, past performance does not represent future results, investors should assess risks independently and consult professional advisors if necessary.