Recently, market sentiment has been sluggish. Besides the BTCFi-related LST and LRT airdrops dampening the market, overall economic factors such as trade wars have also prompted investors to shift towards more conservative assets like stablecoin allocations.
*The fear and greed index has been fluctuating in the range of 15-30 for the past 30 days.
This week (4/4), Ethena announced the launch of USDe on BNB Chain. Let's take a look at the latest developments and earning opportunities for USDe!
BNB USDe Pool
PancakeSwap: USDe/sUSDe (0% APR), USDe/USDT (0.89% APR)
Currently, both of these pools offer a liquidity multiplier of 30x Ethena airdrop points.
Pendle sUSDe: YT(1637x), LP(4.96%), PT(8.76%)
Aside from the soon-to-expire Bera Concrete pool, the newly launched sUSDe on BNB Chain has the highest PT interest rate.
YT and SY positions have a 30x Ethena airdrop points multiplier.
*Venus will also support USDe and sUSDe deposits/collateral, which have not yet been launched.
*USDe and sUSDe can be transferred cross-chain to BNB via Stargate.
Where is USDe flowing recently?
According to the dashboard on Ethena's official website, the supply of USDe has been stable around the 5B range for nearly a month, slightly below the nearly 6B level in February.
Despite the decrease in total supply, data shows that a large amount of USDe is being injected into Ethereal, rapidly expanding its TVL to 931M, nearly 1/5 of the USDe supply.
Why Ethereal?
I believe there are the following two reasons:
Ethereal will launch its mainnet in May, with strong expectations for an airdrop.
Aggregating Pendle eUSDe Pool, Morpho Pool, and Euler Pool.
With Ethereal collaborating with other protocols to launch eUSDe-related staking pools, it has started offering 50-60x Ethereal Points + 30-50x Ethena Points, significantly increasing users' interest in depositing USDe into Ethereal to exchange for eUSDe for re-staking.
I want to earn stable income. After holding Pendle USDe PT, what else can I do?
Pendle is undoubtedly one of Ethena's most important partners, providing leverage for those seeking to maximize airdrop returns as well as fixed income for those oriented towards stable returns.
If you are a USDe PT holder, you can use Morpho mentioned earlier for staking and borrowing operations to further enhance the liquidity and yield capabilities of USDe PT.
Currently, there are three USDe PT pools on Morpho, including: PT-sUSDe-27MAR2025, PT-USDe-27MAR2025, PT-USDe-31JUL2025.
*Re-staking liquidity in other protocols carries its risks; please research and participate cautiously.
Summary
Regarding USDe's listing on BNB Chain, based on the recent liquidity plans for the Binance Chain and the TGE activities for the Binance wallet, it is evident that BNB Chain is actively expanding and consolidating its market presence. I believe BNB Chain's intention to introduce more liquidity through USDe is quite clear.
Although there is no absolute correlation between the Binance Chain and Binance Exchange, there is still hope for the opportunity of Binance Exchange listing USDe trading pairs and deposits/withdrawals.
Additionally, we are entering Ethena Season 4. The glorious era where one could earn 15-20% solely through Pendle PT has passed. This also highlights the demand for re-staking PT to earn more yields, so in the future, if one wants to earn stable income from PT, it is essential to pay attention to on-chain protocols that can stake PT assets.
In the context of the narrative surrounding LST and LRT airdrops for ETH and BTC collapsing, there has been a rising interest in stablecoins. I plan to explore the domain of Yield-Bearing Stablecoins in the near future, and I welcome everyone to discuss relevant protocol information with me!
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※Ethena code:
eu54u
※Ethereal code:
R7AH81
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※The above content does not constitute investment advice. Users should operate according to their own risk tolerance and proceed with caution in the investment market.
※The attached images are sourced from PancakeSwap, Pendle, Morpho, and Ethena.