Ethena USDe

Ethena USDe is a synthetic dollar stablecoin designed to maintain a value of one US dollar without relying on traditional bank deposits or fiat reserves held off-chain. It is intended for users who want dollar-denominated stability within crypto markets while also accessing yield generated natively on-chain. The project targets participants who find conventional fiat-backed stablecoins limiting because those models depend on regulated custodians and off-chain infrastructure.

USDe maintains its dollar peg through a delta-hedging strategy, meaning the protocol takes offsetting positions in perpetual futures markets to neutralize the price exposure of the crypto collateral backing each token. Yield flows from two sources built into this structure: returns on staked crypto assets used as collateral and funding rates paid by traders who hold leveraged long positions in perpetual markets. The token operates across multiple blockchain ecosystems including Ethereum, Solana, Arbitrum, Avalanche, BNB Chain, and Metis, with no block production of its own since it is not a layer-one network.

The protocol collected 0.05 in fees over the trailing 30 days and 0.11 over the trailing 12 months, figures so small relative to the roughly 4.04 billion dollar market capitalization that the annualized fee yield, calculated from the trailing 30-day figure, stands at effectively zero percent of market cap. This means fee-based valuation measures on this site carry very little weight for USDe as currently measured; the economic return the protocol generates for token holders flows through the delta-hedging yield mechanism rather than through fees captured and reported in this data set. No fee revenue is allocated or withheld in a way that the stored metrics reflect meaningfully.