Ethena’s synthetic stableecoin, USDE, has crossed $ 8.4 billion in supply and added more than $ 3.14 billion over 20 days in a wave that surpassed flow to Blackrocks (Blk) Flagship Bitcoin and Ether Exchange-Traded Funds.
According to data on the chain curated by the Ethena community, the supply increase since July 17 is the fastest growth period since the starting of the protocol in February 2024.
Inflowing in the yield StableCOin exceeds the $ 2.75 billion added to Blackrocks ETH ETF (Etha) and 1.60 billion dollars to its Bitcoin Etf (Ibit) In the same period, making the deficable stableecoin the largest magnet for capital across both in and off-chain markets in recent weeks.
The rally has been wasted over in Ethena’s government-coat-ena, which more than doubled in the last month, although it is down 12% over the last 24 hours, as dealers hope the long-awaited fee switch will soon activate.
The protocol has already surpassed most of the thresholds required to distribute revenue to stacked ENA holders, with the final benchmark, a favorable yield spread versus rivals expected to be met soon.
Usdes Reflexive Loop
USDE’s recent growth reflects a strong reflexive loop built into its core design, which Nansen explained in a recent research report on the Ethena ecosystem.
As Bitcoin and Ether Price Rally Rally, the eternal financing rates are again more and more positive. Ethena captures this funding via Delta-neutral hedges and distributes it as real-time outcomes to Susde holders.
This higher yield then draws more users, leading to larger USDE issuance, more coverage and more protocol revenue.
In the last month, Ethena has brought almost $ 50 million in feed and $ 10 million in revenue, according to Defillama Data. This makes it the sixth best-priesting protocol for monthly fee income according to the data unit.
ENA is currently trading for $ 0.58.
