The decentralized
- The USDE of Ethena rises $ 12 billion in circulation.
- The protocol could soon active its cost switch.
A version of this article appeared in our The decentralized Newsletter on September 2. Register here.
Ethena, the transmitter behind the Pie token at a USDE dollar, is running.
USDE’s offer increased by 42% in the last month for a summit of $ 12.43 billion, and the protocol revenues are the highest they have been since the start of the year, exceeding $ 61 million in August.
The USDE is now firmly the third largest token at Pius behind USDT de Tether and USDC in Circle, after exceeding the supply of Sky’s Dai and USDS combined stable. Ethena is also the fifth largest protocol defined by deposits.
Now, all eyes are on the change of expected costs of Ethena. For the first time, holders of the ENA of Ethena governance token could soon receive a slice of the protocol profits.
Fresh switches are great news for holders of a protocol tokens. Last week, Uniswap Dao, the greatest decentralized exchange, voted to create a new legal entity as part of its costs of costs.
Ethena Labs, the company behind Ethena, chopped three milestones that the protocol had to cross before it clicks on the change of costs:
- The supply of USDE in circulation must exceed $ 6 billion.
- Cumulative protocol revenues must reach $ 250 million.
- The USDE token must be integrated out of four of the first five exchanges centralized by derivative volumes.
The first two measures were affected. This leaves only centralized exchange integrations.
The founder of Ethena, Guy Young, said DL News The fact that working on these integrations remains an “top priority”.
Ethena’s success occurred the Crypto-Pêts tokens market to a dollar reaches a 284 billion dollars summit on the historic stable legislation in the United States.
Unlike popular stables such as USDT and USDC, the Ethena USDE token is not supported by one in dollars.
Instead, he covered the deposits used for USDE mint with lowering bets on centralized cryptography exchanges, which, according to him, creates a stable support which is not affected by price oscillations.
So far, the USDE has not significantly deflected its targeted dollar ankle.
But criticisms see more risks in relation to conventional stables.
Chaos Labs, a DEFI risk advisor, warned Ethena’s rechypothecation that the USDE support assets could cause a liquidity crisis on the presenter of DEFI Haut.
Global S&P assessments have also attributed to the weighting of the USDE of Ethena a weighting of 1,250% in its assessment of Sky lender defect.
Ethena Labs refused to comment on the questions raised by Chaos Labs and S&P Global. Young previously said DL News His business and partners have taken many precautions to ensure the stability of the USDE.
For many DEFI users who do not care about the potential risks, the USDE is a better option than other stablecoins.
It can be locked to win an average yield which is generally higher than the best prices available for the main stablescoins.
Currently, Ethena pays 9% on the marked USDE, compared to 4.2% of USDC holders can win on Aave.
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Post of the week
Onchain Sleuth Zachxbt flees what he says is a list of cryptographic influence portfolio addresses, and how much they charge to promote projects.
New leak: price sheet of more than 200 crypto influencers and their portfolio addresses from a project that has recently been contacted to promote.
Based on more than 160 accounts which accepted the agreement that I have only seen <5 accounts in fact disclose promotional publications as an advertisement. pic.twitter.com/kph9duvdxb
– Zachxbt (@zachxbt) September 1, 2025
Tim Craig is the DL News -based correspondent, based in Edinburgh. Handle with advice Tim@dlnews.com.
