Ethena USDe

Ethena USDe is a synthetic dollar stablecoin designed to track the value of one US dollar without relying on traditional bank deposits or fiat reserves. It is aimed at crypto users who want dollar-denominated stability while remaining entirely within decentralised markets. The project addresses the dependence on conventional banking infrastructure by backing USDe through a delta-hedged combination of crypto collateral and offsetting short positions in perpetual futures markets.

USDe maintains its peg by pairing staked crypto assets with equivalent short perpetual-futures positions, so that gains and losses on the spot collateral are neutralised by the opposing derivatives exposure — a strategy known as delta hedging. The yield embedded in the system comes from staking rewards on the collateral and from funding rates paid by traders who hold long perpetual positions. The token exists across multiple blockchain ecosystems including Ethereum, Solana, Arbitrum, Avalanche, BNB Chain, and Metis, with its fundamental basis recorded as the Ethereal chain.

The protocol recorded fees of zero dollars over the trailing 30 days, and annualised fees extrapolated from that 30-day window amount to approximately 0.12 dollars, while the trailing 12-month fee figure stands at 3.06 dollars — figures so small that for practical purposes the protocol collects no meaningful fee revenue at the protocol level as captured in this dataset. Because fees are effectively zero, the fee-yield metric — annualised fees as a percentage of market capitalisation — is also zero, and any fee-based valuation ratios on this site carry no informational content for USDe under current conditions. The yield that USDe is associated with flows to token holders through the staking and funding-rate mechanism rather than appearing as protocol fee revenue in this data.