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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 one of the most important developments for USDe adoption to date.
As of this week, USDe will be integrated throughout Bybit, beyond the current USDe/USDT spot pair.
Those new integrations include:
USDe as a collateral asset to trade perpetual futures, allowing Bybit users to potentially earn a yield paid by Bybit on their USD-pegged collateral while trading any of your favorite tokens including BTC, ETH, SOL and ENA.
BTC and ETH - USDe zero-fee spot pairs
USDe launch within the Bybit’s “Earn” platform
Prior to this partnership, other dollar assets such as USDT have dominated perpetual future pairs as the primary collateral asset in the industry, but without passing any value accrual to their holders with issuers internalizing all benefits from being utilized as margin collateral.
In fact, there is currently >$20bn of USD-pegged collateral being used to margin perpetuals which is capturing no yield for the holder.
Thanks to this integration, Bybit users will now be able to potentially accrue value on their USDe collateral margining perpetual futures through Bybit.
Receiving a yield on the collateral asset will unlock greater capital efficiency for users by enabling them to offset funding costs, via simply holding the collateral margining the position.
This type of capital efficiency is a first in crypto history - something we believe will fundamentally reshape trading.
In addition to the integration described above, USDe held on Bybit - whether held in the user’s account unutilized or used as margin collateral - will receive 20x sats per USDe on top of potential yield from Bybit.
As a result, Bybit users now have the ability to take a position - whether long or short - on crypto assets via perpetual futures (such as BTC or ETH) while potentially receiving yield from the exchange and receiving sats simultaneously.This is an important update as users now have the ability to be long other tokens which are *not* USD denominated while receiving Ethena rewards
The success of USDT and USDC has been deeply tied to its use as money on centralized exchange venues within key trading pairs. The most liquid pairs on the biggest assets in the space are all stablecoins denominated in USD and are largely responsible for the outsized growth of USDT and USDC specifically.
Spot BTC and ETH pairs on centralized exchanges remain the best distribution channel for any USD denominated asset.
Adding USDe spot pairs is the first step in growing adoption beyond DeFi into the most liquid trading venues in the space
USDe will also provide back-end infrastructure for users to capture a USD denominated yield through a one-click solution via Bybit’s “Earn” platform alongside other Bybit earn products.
We are excited to share one of the most important developments for USDe adoption to date.
As of this week, USDe will be integrated throughout Bybit, beyond the current USDe/USDT spot pair.
Those new integrations include:
USDe as a collateral asset to trade perpetual futures, allowing Bybit users to potentially earn a yield paid by Bybit on their USD-pegged collateral while trading any of your favorite tokens including BTC, ETH, SOL and ENA.
BTC and ETH - USDe zero-fee spot pairs
USDe launch within the Bybit’s “Earn” platform
Prior to this partnership, other dollar assets such as USDT have dominated perpetual future pairs as the primary collateral asset in the industry, but without passing any value accrual to their holders with issuers internalizing all benefits from being utilized as margin collateral.
In fact, there is currently >$20bn of USD-pegged collateral being used to margin perpetuals which is capturing no yield for the holder.
Thanks to this integration, Bybit users will now be able to potentially accrue value on their USDe collateral margining perpetual futures through Bybit.
Receiving a yield on the collateral asset will unlock greater capital efficiency for users by enabling them to offset funding costs, via simply holding the collateral margining the position.
This type of capital efficiency is a first in crypto history - something we believe will fundamentally reshape trading.
In addition to the integration described above, USDe held on Bybit - whether held in the user’s account unutilized or used as margin collateral - will receive 20x sats per USDe on top of potential yield from Bybit.
As a result, Bybit users now have the ability to take a position - whether long or short - on crypto assets via perpetual futures (such as BTC or ETH) while potentially receiving yield from the exchange and receiving sats simultaneously.This is an important update as users now have the ability to be long other tokens which are *not* USD denominated while receiving Ethena rewards
The success of USDT and USDC has been deeply tied to its use as money on centralized exchange venues within key trading pairs. The most liquid pairs on the biggest assets in the space are all stablecoins denominated in USD and are largely responsible for the outsized growth of USDT and USDC specifically.
Spot BTC and ETH pairs on centralized exchanges remain the best distribution channel for any USD denominated asset.
Adding USDe spot pairs is the first step in growing adoption beyond DeFi into the most liquid trading venues in the space
USDe will also provide back-end infrastructure for users to capture a USD denominated yield through a one-click solution via Bybit’s “Earn” platform alongside other Bybit earn products.
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