The USDE Outpaces of the Etherna of Blackrock’s Bitcoin, Ether ETFS with $ 3.1B flowing
Ethena’s Synthetic Stablecoin, USDE, crossed a $ 8.4 billion supply, adding more than $ 3.14 billion in 20 days to a flow that has passed the flow to BlackRock’s (Blk) Flagship bitcoin and ether exchange-traded funds.
According to the on-chain data marked by the Etherna community, the increase in supply since July 17 has been the fastest growth period since the protocol began in February 2024.
Flowing with Ani-Bearing Stablecoin exceeds $ 2.75 billion added to the ETF of Blackrock (Etha) and the $ 1.60 billion in bitcoin ETF (Go) At the same time, making defi-nativecoin is the largest magnet for capital throughout the markets and off-chain in recent weeks.
The rally has wiggled to The Administration of Etherna to Token EnaWhich one more than double Last month, it has dropped 12% in the past 24 hours as entrepreneurs hope that the long -awaited fee switch will soon be activated.
The protocol has surpassed most of the thresholds needed to distribute revenue to staked ENA holders, with the final benchmark, a desirable spread of yield compared to rivals, expected to meet soon.
The USDE reflexive loop
USDE’s recent growth reflects a strong reflexive loop developed in its main design, as Nansen explained In a recent report of research on the Ethhena ecosystem.
Like the rallies of bitcoin and ether prices, eternal funding rates are especially positive. Ethena captures this fund by delta-neutral hedgesAnd it is distributed as a real-time harvest to the suspect’s holders.
The higher the yield then takes on more users, leading to greater USDE release, more heding, and more protocol revenue.
Last month, Ethena brought about $ 50 million in feed and $ 10 million income, According to Defillama data. It makes the sixth best performing protocol for monthly income payment according to the data aggregator.
The ENA is currently trading for $ 0.58.
