Ethena's 15% APY Stablecoin Yield Promotion in Telegram: USDe's 'Super Expansion' Strategy?
As the market warms up, Ethena Labs has once again become the focus of attention—this time, they have directly brought their 15% APY USDe yield product into the built-in wallet of Telegram (similar to the Mini App in the TON ecosystem), allowing users to participate without any redirects. This move not only continues Ethena's consistent strategy of 'high yield + usability' but may also become the next flashpoint in the stablecoin war.
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1. Why did Ethena choose Telegram? Seizing the 'Social Finance' Entry
The core logic of this collaboration is **Traffic Monetization + User Habit Capture:**
Telegram's native crypto user pool: TG is the largest social platform in Web3 (with over 800 million monthly active users), and users have a high acceptance of wallets and Bot payments (as evidenced by Unibot's success).
'Invisible' financial experience: Users do not need to download a new app; they can complete deposits and earn yields directly in the chat window, lowering the usage threshold.
Fighting competitors: Similar to staking products on TON (like Tonstakers) or CeFi platforms (like OKX Earn), but Ethena offers higher yields + decentralized backing.
Potential impact: If successful, it may drive more DeFi protocols to settle in Telegram (such as Aave and Lido's Mini App), forming a trend of 'social embedded finance.'
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2. Where does the 15% APY come from? Dissecting Ethena's Yield Engine
Ethena's USDe yield mainly comes from the **'Spot Hedge Perpetual Contract' Arbitrage Strategy** (i.e., 'Delta Neutral'):
Short hedge: The dollars (like USDT) deposited by users are exchanged for assets like stETH, while simultaneously opening short positions in perpetual contracts to hedge against price fluctuations, locking in funding rate yields.
Current market dividends: During the early stages of a bull market, funding rates are usually positive (bulls pay bears), allowing Ethena to capture annual yields of 10-30%, with a portion returned to users.
Compound enhancement: Yields are amplified through automatic reinvestment, similar to traditional finance's 'cash-enhanced ETFs.'
Risk warnings:
⚠️ If the funding rate turns negative (during a bear market or severe fluctuations), yields may plummet or even incur temporary losses.
⚠️ Risks associated with smart contracts and counterparty risks from exchanges (like exchange outages or liquidations).
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3. USDe's Ultimate Ambition: Challenging Tether's 'Stablecoin Hegemony'
Ethena's narrative is not just about yield products; it is also a substitute for traditional fiat-collateralized stablecoins (USDT/USDC) with 'crypto-native stablecoins':
Decentralized backing: USDe does not rely on bank reserves but is supported by on-chain assets + derivatives hedging.
Censorship resistance: Avoiding the freezing risks associated with traditional stablecoins (like USDC in conjunction with sanctions).
High yield siphoning effect: Users earn yields simply by holding USDe, while USDT/USDC requires actively depositing into third-party protocols.
Current data: USDe's market cap has surpassed **$2 billion**, making it one of the fastest-growing stablecoins.
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4. Competitive Landscape: Ethena vs. Tether vs. MakerDAO
Tether (USDT): Profits from 'fiat deposit interest,' but yields do not benefit users, and transparency is questionable.
MakerDAO (DAI): Relies on USDC collateral and RWA, with yields only at 3-5%, lacking attractiveness.
Ethena (USDe): Aggressive high yields + on-chain native, but relies on the health of the derivatives market.
Key turning point: If Ethena can maintain a 10%+ APY for over six months, it could trigger a large-scale migration of stablecoins.
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5. Next Steps to Observe: Can Ethena's 'Ecosystemization' Continue?
Telegram integration is just the beginning: More social/payment scenarios may be integrated in the future (like WeChat mini-programs, Discord Bots).
Multi-chain expansion: Currently based on Ethereum; expanding to chains like Solana and TON would further attract funds.
Regulatory games: Will the US SEC classify USDe as an 'unregistered security' (learning from the lessons of the Anchor Protocol)?
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Conclusion: Is High Yield a 'Trap' or an 'Opportunity'?
Ethena's embedded wallet in Telegram is a typical strategy of 'user growth + yield subsidy,' capable of rapid expansion in the short term, but long-term success depends on:
✅ The sustainability of the derivatives market (whether bull market funding rates can remain high)
✅ The safety of smart contracts (especially involving cross-exchange hedging)
✅ Regulatory tolerance (whether it is classified as a 'security-like product')
For users, a 15% APY is enticing, but they should be wary of the 'yield decline' risk—participate with a small position but avoid going all-in. If Ethena succeeds, it may become the first crypto-native stablecoin to shake Tether's position.
