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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...
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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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.
Protocol APY = 33.26%
Average USDe balance for the week = $435m
Total protocol yield = $2.415m
Average % of USDe staked over the week (changes daily) = 44%
Transfer to sUSDe contract to mirror Protocol APY = $1.07m
Transfer to reserve fund: $1.35m
sUSDe accrues equivalent to Protocol APY = 33.26%
Today, the reserve fund stands at $11.8m after two transfers:
8m additional USDC from Labs' recently announced fundraising was transferred to the reserve fund, bringing the total transferred to 10m USDC.
1.35m USDC relating to yield generated by the protocol backing assets was transferred into the reserve fund.
These transfers represent the initial bootstrapping of the protocol reserve fund to bolster the protocol’s liquidity buffer, and serve as the first line of defense in the event of any prolonged, significant negative funding scenarios.
The $9.35m of transfers brings the overall reserve fund to a size of $11.8m, and this will continue to be built up through the course of the Shard Campaign.
The reserve fund address is here:
0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5 with ENS ethenainsurancefund.eth
The reserve fund balance can also be tracked on our dashboards below:
We hope adding this margin of safety from Labs’ equity raise proceeds demonstrates our belief in USDe, commitment to supporting a more robust product, and commitment to supporting the ecosystem until such time that the protocol governance and administration is more decentralized and can play a role in administering the size, composition and intended use of this pool of capital.
Asset composition of the reserve fund is a decision making process we will look to decentralize in the near future.
After the shard campaign, we will release our plan for the reserve fund take rate going forward and will look to guidance from the community here.
Any communication regarding reserve fund take rates will come well in advance of yield payments after the shard campaign.
We want to thank you again for your support, and emphasize again that the intention is to manage the roll out of the product as securely as possible. We will ensure all communication of any changes regarding the reserve fund are made clear well in advance and executed transparently onchain.
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.
Protocol APY = 33.26%
Average USDe balance for the week = $435m
Total protocol yield = $2.415m
Average % of USDe staked over the week (changes daily) = 44%
Transfer to sUSDe contract to mirror Protocol APY = $1.07m
Transfer to reserve fund: $1.35m
sUSDe accrues equivalent to Protocol APY = 33.26%
Today, the reserve fund stands at $11.8m after two transfers:
8m additional USDC from Labs' recently announced fundraising was transferred to the reserve fund, bringing the total transferred to 10m USDC.
1.35m USDC relating to yield generated by the protocol backing assets was transferred into the reserve fund.
These transfers represent the initial bootstrapping of the protocol reserve fund to bolster the protocol’s liquidity buffer, and serve as the first line of defense in the event of any prolonged, significant negative funding scenarios.
The $9.35m of transfers brings the overall reserve fund to a size of $11.8m, and this will continue to be built up through the course of the Shard Campaign.
The reserve fund address is here:
0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5 with ENS ethenainsurancefund.eth
The reserve fund balance can also be tracked on our dashboards below:
We hope adding this margin of safety from Labs’ equity raise proceeds demonstrates our belief in USDe, commitment to supporting a more robust product, and commitment to supporting the ecosystem until such time that the protocol governance and administration is more decentralized and can play a role in administering the size, composition and intended use of this pool of capital.
Asset composition of the reserve fund is a decision making process we will look to decentralize in the near future.
After the shard campaign, we will release our plan for the reserve fund take rate going forward and will look to guidance from the community here.
Any communication regarding reserve fund take rates will come well in advance of yield payments after the shard campaign.
We want to thank you again for your support, and emphasize again that the intention is to manage the roll out of the product as securely as possible. We will ensure all communication of any changes regarding the reserve fund are made clear well in advance and executed transparently onchain.
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