Messari: How USDe surpassed DAI to become the world's third largest stablecoin

Author: Jake Koch-Gallup, Messari analyst; Compiler: 0xjs@黄金财经

Earlier this week, Ethena's USDe surpassed DAI to become the world's third-largest stablecoin. Its total locked value (TVL) now exceeds $5.5 billion.

Quick Facts:

• Yield Snapshot:Ethena's current yield is 24.5%. Since February 2024, sUSDe holders have enjoyed an average APY of 17.5%, with a peak of 55.9% (March 7, 2024) and a low of 4.3% (August 8, 2024).

• Record-breaking Growth:Ethena reached a TVL of $3 billion just four months after its public offering in February 2024, becoming the fastest-growing USD-denominated asset in cryptocurrency history. Today, its TVL exceeds $5.5 billion.

• ENA Price Performance:Ethena token ENA is currently trading at $0.91, with a fully diluted valuation (FDV) of $13.6 billion. Since the TGE on April 2, 2024, ENA fell to a low of $0.19 on September 6, 2024, and has risen 361.7% since then.

• Fees:Over the past year, Ethena has collected nearly $200 million in fees, ranking 16th overall.

• Remember:The next major token unlock — 2.06 billion ENA — is coming on April 2, 2025.

How Ethena’s “Internet Bond” Works

Ethena’s USDe is fully backed by ETH and BTC, using corresponding short futures to maintain a delta-neutral portfolio. In simple terms, when the portfolio’s delta is close to zero, USDe will be pegged to the dollar regardless of market fluctuations. Ethena uses the returns of staked assets (think Lido's stETH), plus funding and basis in perpetual and futures markets, to pass these returns on to sUSDe holders.

Ethena Risks

• Funding Risk:What's the biggest concern? Negative funding rates for ETH and BTC persist. To mitigate this, Ethena's $47 million reserve fund will step in if revenue drops below zero. During the 2021-2023 period, negative funding days accounted for only 10.34% of the total, and even during the global market sell-off on August 5, 2024 (redemptions exceeded $50 million), USDe maintained its peg and remained fully collateralized. After experiencing a series of negative funding days in August, sUSDe's APY remained positive (bottoming out at 4.34% on August 8, 2024).

• Other Potential Pitfalls:Exchange failure, liquidation, collateralization, and custody risks always exist. Ethena's low leverage and strictly collateralized positions help protect against stETH depegging and severe liquidation events. However, there is a concentration risk due to the reliance on OTC settlement providers. Ethena actively manages collateral risk and concentration risk to minimize these vulnerabilities.

What's next?

Ethena's integration of sUSDe into Aave has been a huge success, making it the fastest growing asset on DeFi's top money market. As more institutions lean toward stablecoins, sUSDe's proven performance and strong returns make it the premier "Internet bond." The global bond market is worth $135 trillion (yes, that's the word "trillion"), and the future potential is huge. sUSDe may become the bond of choice, even surpassing the mighty U.S. Treasuries.