Ethena’s synthetic stabloin, USDE, has crossed $ 8.4 billion in supply, adding more than $ 3.14 billion for 20 days in an increase that exceeded Blackrock’s flows (Blk) Bitcoin and Ether emblematic funds exchanged.
According to data in the chain selected by the Ethena community, the increase in supply since July 17 is the fastest growth period since the beginning of the protocol in February 2024.
The entry into the stablecoin that supports the yield exceeds $ 2.75 billion added to the ETF of Ether of Blackrock (ETHA) And the $ 1.60 billion in its Bitcoin ETF (Ibit) In the same period, which makes the definitively native stabloin the largest magnet for capital in markets inside and outside the chain in recent weeks.
The rally has spilled in the Ethena Ene governance sheet, which more than duplicated in the last month, although it has dropped 12% in the last 24 hours, since merchants expect the long -awaited rate switch to soon be activated.
The protocol has already exceeded most of the thresholds necessary to distribute income to the holders of ENA states, with the final reference point, a favorable performance propagation versus rivals, which is expected to be fulfilled soon.
Reflective loop of the USDE
The recent growth of the USDE reflects a powerful reflexive loop integrated in its central design, as Nansen explained in a recent research report on the Ethena ecosystem.
As Bitcoin and Ether prices join, perpetual financing rates in turn more and more positive. Ethena captures this financing through Delta-neutral neutral hedges, and distributes it as real-time performance for the holders of their.
This higher performance is based on more users, which leads to a greater issuance of the USDE, more coverage and more protocol income.
In the last month, Ethena has raised almost $ 50 million in feed and $ 10 million in revenue, according to data data. This makes it the sixth best performance protocol for monthly rates income according to the data aggregator.
ENA is currently quoted for $ 0.58.
