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Ethena LabsCustodian Attestations of Assets Backing USDe: November
In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our thirteenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol....
Ethena LabsSeason 5 Update
Season 4 HighlightsToday marks the end of Ethena Season 4 and the beginning of Season 5. Season 4 saw meaningful expansion of USDe across major venues. USDe became the fastest dollar asset to reach $10B in supply and continues to grow on the back of deeper integrations and partnerships. USDe’s adoption across DeFi grew significantly. Notably, “Aavependlethena” (where Pendle’s interest rate derivatives on USDe and sUSDe are used as collateral on Aave) grew to $6B+ in scale, reflecting USDe’s e...
Ethena LabsENA Token Launch
The Holy Grail: Internet MoneyApril 1st marks the end of the Ethena Shard Campaign, which ran for a duration of just 6 weeks in total - one of the industry’s shortest pre-token campaigns yet. USDe supply grew to over $1.3bn today. This represents the fastest USD-denominated asset to reach >$1bn supply ever in crypto. Ethena’s USDe supply is now: >1.5x larger than the entire tokenized treasury RWA market >3x larger than the entire onchain ETH open interest for every DEX combined Higher than al...
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Ethena LabsCustodian Attestations of Assets Backing USDe: November
In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our thirteenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol....
Ethena LabsSeason 5 Update
Season 4 HighlightsToday marks the end of Ethena Season 4 and the beginning of Season 5. Season 4 saw meaningful expansion of USDe across major venues. USDe became the fastest dollar asset to reach $10B in supply and continues to grow on the back of deeper integrations and partnerships. USDe’s adoption across DeFi grew significantly. Notably, “Aavependlethena” (where Pendle’s interest rate derivatives on USDe and sUSDe are used as collateral on Aave) grew to $6B+ in scale, reflecting USDe’s e...
Ethena LabsENA Token Launch
The Holy Grail: Internet MoneyApril 1st marks the end of the Ethena Shard Campaign, which ran for a duration of just 6 weeks in total - one of the industry’s shortest pre-token campaigns yet. USDe supply grew to over $1.3bn today. This represents the fastest USD-denominated asset to reach >$1bn supply ever in crypto. Ethena’s USDe supply is now: >1.5x larger than the entire tokenized treasury RWA market >3x larger than the entire onchain ETH open interest for every DEX combined Higher than al...
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We are excited to share the next set of updates to the Sats Campaign.
Based on community feedback the $ENA liquidity lock has been simplified to further align incentives for longer term participants
Users can now lock $ENA to receive a scaled sats boost up to 100% based on the amount of $ENA locked relative to USDe positions
For example, if you hold $10,000 of USDe in any position in the ecosystem
-$2,000 of ENA will provide a 20% boost
-$5,000 of ENA will provide a 50% boost
-$10,000 of ENA will provide a 100% boost
Which will be applied to all Sats earned from USDe holdings. The minimum boost is 20%.
Locked $ENA will continue to receive the highest rewards at 30x
Users are also able to meet their minimum ENA requirements via Pendle’s YT ENA which reduces the capital outlay required by 6x thanks to the leverage offered by YT.
1 YT ENA = 1 ENA for the boost requirements
There are several new ways to earn sats across DeFi protocols:
Karak: Users can deposit USDe into Karak for 20x sats, as well as Karak restaking incentives.
Swell: USDe deposits into the Swell pre-deposit contract will now receive 15x Sats
Camelot: Users can receive 30x Sats by providing direct liquidity to the Camelot USDe/USDC pool on Arbitrum.
Fraxlend: Borrowers can now receive 20x on their USDe collateral and 5x on sUSDe collateral via Fraxlend.
Morpho & FRAX: With the launch of USDe and sUSDe/FRAX pools on Morpho, users can now borrow FRAX and receive 20x sats on their USDe collateral, and 5x sats on their sUSDe collateral.
Next week we will reveal our single most important integration to date, with USDe being embedded in a tier-one centralized exchange across their platform.
Season 3
We are excited to share the next set of updates to the Sats Campaign.
Based on community feedback the $ENA liquidity lock has been simplified to further align incentives for longer term participants
Users can now lock $ENA to receive a scaled sats boost up to 100% based on the amount of $ENA locked relative to USDe positions
For example, if you hold $10,000 of USDe in any position in the ecosystem
-$2,000 of ENA will provide a 20% boost
-$5,000 of ENA will provide a 50% boost
-$10,000 of ENA will provide a 100% boost
Which will be applied to all Sats earned from USDe holdings. The minimum boost is 20%.
Locked $ENA will continue to receive the highest rewards at 30x
Users are also able to meet their minimum ENA requirements via Pendle’s YT ENA which reduces the capital outlay required by 6x thanks to the leverage offered by YT.
1 YT ENA = 1 ENA for the boost requirements
There are several new ways to earn sats across DeFi protocols:
Karak: Users can deposit USDe into Karak for 20x sats, as well as Karak restaking incentives.
Swell: USDe deposits into the Swell pre-deposit contract will now receive 15x Sats
Camelot: Users can receive 30x Sats by providing direct liquidity to the Camelot USDe/USDC pool on Arbitrum.
Fraxlend: Borrowers can now receive 20x on their USDe collateral and 5x on sUSDe collateral via Fraxlend.
Morpho & FRAX: With the launch of USDe and sUSDe/FRAX pools on Morpho, users can now borrow FRAX and receive 20x sats on their USDe collateral, and 5x sats on their sUSDe collateral.
Next week we will reveal our single most important integration to date, with USDe being embedded in a tier-one centralized exchange across their platform.
Season 3
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