IntroAs of February 19th, Ethena’s Shard campaign will be live, marking USDe’s official launch to the public. Shards will represent and track how much a user has contributed to Ethena’s ecosystem over the course of the campaign. We acknowledge general market sentiment has shifted with fatigue towards points based systems. For this reason, Ethena is focusing on a shard campaign instead of points. “Aren’t shards just points with a different name?” Yes, but these are shards, not points. Big diff...

IntroAs of February 19th, Ethena’s Shard campaign will be live, marking USDe’s official launch to the public. Shards will represent and track how much a user has contributed to Ethena’s ecosystem over the course of the campaign. We acknowledge general market sentiment has shifted with fatigue towards points based systems. For this reason, Ethena is focusing on a shard campaign instead of points. “Aren’t shards just points with a different name?” Yes, but these are shards, not points. Big diff...

Summary:i) We have taken onboard the community feedback and have retrospectively increased the sUSDe payout to include the full yield that was generated by sUSDe collateral backing, or in other words, all of the yield generated by sUSDe collateral was paid in full to sUSDe holders. ii) We have outlined a more clear communication path forward on how we plan to manage sUSDe payments during the remainder of the Shard Campaign iii) All yield generated by sUSDe collateral backing will continue to ...

Summary:i) We have taken onboard the community feedback and have retrospectively increased the sUSDe payout to include the full yield that was generated by sUSDe collateral backing, or in other words, all of the yield generated by sUSDe collateral was paid in full to sUSDe holders. ii) We have outlined a more clear communication path forward on how we plan to manage sUSDe payments during the remainder of the Shard Campaign iii) All yield generated by sUSDe collateral backing will continue to ...

Season 2: The Sats CampaignApril 2nd marks one of the biggest days in Ethena’s recent history. Not just because of the ENA airdrop, but also because it marks the beginning of the second Ethena campaign. “Shards” have been replaced with “Sats” in this campaign to coincide with one of the protocol’s most exciting product developments to date - onboarding BTC as a backing asset. BTC perpetual futures offer Ethena an additional ~$25bn of open interest to delta-hedge, a 2.5x increase on the curren...

Season 2: The Sats CampaignApril 2nd marks one of the biggest days in Ethena’s recent history. Not just because of the ENA airdrop, but also because it marks the beginning of the second Ethena campaign. “Shards” have been replaced with “Sats” in this campaign to coincide with one of the protocol’s most exciting product developments to date - onboarding BTC as a backing asset. BTC perpetual futures offer Ethena an additional ~$25bn of open interest to delta-hedge, a 2.5x increase on the curren...

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 first attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Going forward, these attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backi...

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 first attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Going forward, these attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backi...

RecapUSDe supply is approaching $800m, up nearly $200m since Friday. Pendle’s 200m USDe cap is now full and there is over 100m USDe locked in Curve.UpdateEthena’s newest pool is now live on Pendle, this time using sUSDe with 5x shards per day. This pool will now capture the real yield in sUSDe, alongside 5x shards per day. For reference, the current implied APY on PT USDe without any real yield in sUSDe is >100% APY on $200m.We are incredibly excited about this product as it now unlocks an ab...

RecapUSDe supply is approaching $800m, up nearly $200m since Friday. Pendle’s 200m USDe cap is now full and there is over 100m USDe locked in Curve.UpdateEthena’s newest pool is now live on Pendle, this time using sUSDe with 5x shards per day. This pool will now capture the real yield in sUSDe, alongside 5x shards per day. For reference, the current implied APY on PT USDe without any real yield in sUSDe is >100% APY on $200m.We are incredibly excited about this product as it now unlocks an ab...

USDe supply crossed $600m this morning, only 2 weeks after our public launch. Ethena’s Shard Campaign is currently in its second epoch, after the first filled out in less than a week, bringing over $100m of liquidity to Curve. sUSDe is yielding 33% and USDe-USDT is the 4th highest volume pool on Uniswap. The team has been taken aback by the growth of USDe and this post aims to highlight the top charts we’re monitoring across perpetual futures, DeFi integrations, and USDe itself.USDe GrowthUSD...

USDe supply crossed $600m this morning, only 2 weeks after our public launch. Ethena’s Shard Campaign is currently in its second epoch, after the first filled out in less than a week, bringing over $100m of liquidity to Curve. sUSDe is yielding 33% and USDe-USDT is the 4th highest volume pool on Uniswap. The team has been taken aback by the growth of USDe and this post aims to highlight the top charts we’re monitoring across perpetual futures, DeFi integrations, and USDe itself.USDe GrowthUSD...

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...

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...

RecapAs USDe supply approaches $900m, we wanted to provide the community with the latest update to the Shard Campaign. As a reminder, in last week’s update we outlined a reduction in shards effective today, Monday 11th March. Those reductions only effect:Curve LP positions reduction of shard multiplier from 20x to 15x.Reduced shard multiplier for holding USDe outside of an eligible pool from 5x to 2x.No other pools are impacted.These reductions equate to an approximate 1bn per day decrease in...

RecapAs USDe supply approaches $900m, we wanted to provide the community with the latest update to the Shard Campaign. As a reminder, in last week’s update we outlined a reduction in shards effective today, Monday 11th March. Those reductions only effect:Curve LP positions reduction of shard multiplier from 20x to 15x.Reduced shard multiplier for holding USDe outside of an eligible pool from 5x to 2x.No other pools are impacted.These reductions equate to an approximate 1bn per day decrease in...

Introducing $ENA RewardsAs of April 8th users will be able to lock $ENA in Ethena for a minimum 7-day lock period. Locked $ENA will receive the highest number of Sats earned at 30x per day. More importantly, if a user holds a minimum of 50% in $ENA relative to their balance of USDe earning rewards across any platform, all of their rewards on their total $USDe position will be boosted by 50%. For example, if a user has a $10,000 USDe balance split in the following way:$2,000 in 7 day locked US...

Introducing $ENA RewardsAs of April 8th users will be able to lock $ENA in Ethena for a minimum 7-day lock period. Locked $ENA will receive the highest number of Sats earned at 30x per day. More importantly, if a user holds a minimum of 50% in $ENA relative to their balance of USDe earning rewards across any platform, all of their rewards on their total $USDe position will be boosted by 50%. For example, if a user has a $10,000 USDe balance split in the following way:$2,000 in 7 day locked US...

As of February 26th 8am ET, Ethena’s Epoch 2 of the “Shard Campaign” will be live.Epoch 1 Recap:Just one week ago we launched Epoch 1. The first epoch was focused on users providing liquidity into Curve’s USDe pools, as well as buying and holding USDe.In just 5 days USDe supply grew to just over $440m, with $100m of liquidity added to the Curve Pools. Some of these pools filled $15m caps in under 30 minutes. Dune Dashboards: i) https://dune.com/hildobby/ethena ii) https://dune.com/hodlduck/et...

As of February 26th 8am ET, Ethena’s Epoch 2 of the “Shard Campaign” will be live.Epoch 1 Recap:Just one week ago we launched Epoch 1. The first epoch was focused on users providing liquidity into Curve’s USDe pools, as well as buying and holding USDe.In just 5 days USDe supply grew to just over $440m, with $100m of liquidity added to the Curve Pools. Some of these pools filled $15m caps in under 30 minutes. Dune Dashboards: i) https://dune.com/hildobby/ethena ii) https://dune.com/hodlduck/et...

Intro This past bear market gave participants in crypto markets an important lesson in counterparty risk. We saw the collapse of some of the biggest lenders, market makers and exchanges in the space during 2022, sucking a vast amount of liquidity from trading venues which affected every corner of the industry. It was not only new participants to the space who were affected. Even those who had been through Mt Gox in 2014 and the Bitfinex hack in 2016 forgot through time the very real counterpa...

Intro This past bear market gave participants in crypto markets an important lesson in counterparty risk. We saw the collapse of some of the biggest lenders, market makers and exchanges in the space during 2022, sucking a vast amount of liquidity from trading venues which affected every corner of the industry. It was not only new participants to the space who were affected. Even those who had been through Mt Gox in 2014 and the Bitfinex hack in 2016 forgot through time the very real counterpa...

sUSDe distributions were completed today equating to a 33.26% APY which mirrored the APY generated by all protocol backing assets of 33.26% APY. For absolute clarity: every dollar of value accrued to the Protocol from the assets backing the staked USDe were transferred in full to the sUSDe staking contract. The remaining protocol yield generated from the assets backing unstaked USDe was sent to the reserve fund.Yield Payment BreakdownProtocol APY = 33.26%Average USDe balance for the week = $4...

sUSDe distributions were completed today equating to a 33.26% APY which mirrored the APY generated by all protocol backing assets of 33.26% APY. For absolute clarity: every dollar of value accrued to the Protocol from the assets backing the staked USDe were transferred in full to the sUSDe staking contract. The remaining protocol yield generated from the assets backing unstaked USDe was sent to the reserve fund.Yield Payment BreakdownProtocol APY = 33.26%Average USDe balance for the week = $4...