Ethena USDe
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Protocol TVL
Fees & Revenue
Chain Fees Distribution
Revenue Breakdown
About Ethena USDe
Ethena is a synthetic dollar protocol built on Ethereum
Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.
Ethena USDe codebase lineage and protocol family
Ethena USDe is published as a versioned release inside the Ethena protocol family. Releases inside the same family typically share governance, brand, and large parts of the audit history, but each version can run materially different contract logic — a release labelled v2 or v3 is not just a UI refresh. Newer versions inside a family typically launch with their own audit cycle and parameter set, so do not assume the previous release's safety record carries over without checking the linked audit reports.
Fork lineage and parent-protocol relationships are tracked by DeFiLlama for security and audit-history attribution; a fork inherits the upstream design but not necessarily the upstream audits or governance.
Security & Audits
Parent Protocol
Ethena USDe is a versioned release inside a larger protocol family. View the parent for combined TVL and all sibling versions.
EthenaEthena USDe Timeline
Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.
- Feb 15, 2024Listed on DeFiLlama
Protocol Profile
Ethena USDe operates in the Basis Trading category of DeFi. It is deployed on Ethereum. The codebase has been independently audited (1 report on file).
TVL Distribution by Chain
Supported Chains
Protocol Footprint
Ethena USDe is a single-chain protocol, deployed exclusively on Ethereum — this concentrates execution risk but simplifies the trust model. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts.
Official Resources & Links
Verified external resources for Ethena USDe — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.
Other Basis Trading protocols on Mantapex
Ethena USDe is one of 7 Basis Trading protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Falcon Finance, Solstice USX, BounceBit CeDeFi Yield, and 3 more. These peer protocols collectively secure $3.1B in deposits, giving you a frame of reference for whether Ethena USDe's own TVL is at the top, middle, or tail of the category.
Available Yields
| Project | Pool | APY | TVL |
|---|---|---|---|
| ethena-usde | SUSDE | 3.40% | $3.6B |
Recent Ethena USDe news
Latest reporting from major crypto news outlets covering Ethena USDe.
- Coingape
Ethena USDe (USDE) Hits Binance: Why Traders Are Watching This Listing Closely
Binance, one of the leading crypto exchanges (CEXs) has dropped big news. Apparently, it is listing Ethena USDe (USDE), a stablecoin that is growing fast in the crypto arena.
- Coincu
Ethena's USDe Stablecoin Reaches $10 Billion Market Cap in 500 Days
Ethena USDe achieves $10 billion market cap in 500 days.
- Crypto Economy
Ethena USDe Climbs to Third-Largest Stablecoin After Rapid Growth
TL;DR Ethena USDe jumped to the third-largest stablecoin spot with a $9.3 billion market cap after a 75% supply surge in one month, overtaking FDUSD and Dai and climbing to sixth…
- CryptoSlate
Ethena USDe overtakes Solana in revenue, hits $3 billion market cap
Ethena Labs' USDe, a synthetic dollar stablecoin, has garnered significant community adoption, propelling it to become the fourth-largest stablecoin by market capitalization. This…
- Coincu
Ethena USDe Custodian Certificate Shows Skyrocketing Asset Value!
Ethena's May custodian certificate reveals $2.677 billion in assets, bolstering investor confidence.
- CryptoPotato
Ethena USDe Tops $2.3B Market Cap But Risks Identified
The latest newly launched stablecoin is seeing impressive growth this year but risks with Ethena's USDe asset are being identified.
- CoinPedia
Ethena USDe Shakes Up Stablecoin Market with $2 Billion Surge, Fate of USDT & USDC In Danger
A newcomer has swiftly risen to prominence in the Stablecoin market, challenging the dominance of traditional players like USDT and USDC. USDe, a recently launched stablecoin, has…
- CryptoSlate
$2B Ethena USDe depeg exposes cracks in crypto's ‘synthetic dollar' system
Ethena's synthetic dollar, USDe, shed over $2 billion in market capitalization after briefly losing its dollar peg on Binance. The flash event exposed structural risks in crypto's…
Related protocols
Other DeFi protocols connected to Ethena USDe by category, deployment chain, or shared codebase lineage — useful for comparing TVL, fee models, or audit posture across direct peers.
Other Basis Trading protocols
Risk Warning
DeFi protocols carry inherent risks including smart contract vulnerabilities, liquidity risks, and potential loss of funds. Always do your own research before investing.
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