Ethena USDe

The peg deviation, currently negative 1.76 basis points, is the most direct indicator of whether USDe is fulfilling its core function, since any sustained or widening move away from zero would signal stress in the hedging mechanism. The 30-day supply change of 2.83 percent reflects how quickly new USDe is being minted or redeemed, and significant acceleration or reversal in that figure would indicate shifting demand for the product. The mcap-to-TVL ratio of 1,014.17 is unusually high and worth monitoring because a large gap between market capitalization and the value of assets directly tracked on-chain can reflect structural features of how collateral is held; changes in that ratio over time could indicate shifts in the backing arrangement. The 24-hour turnover ratio of roughly 0.96 shows that a volume nearly equal to the entire market cap is trading daily, so watching whether that figure stays elevated or compresses can give a sense of how actively USDe circulates relative to its total supply.

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