The stablecoin mining platform Ethena, based on the Delta Neutral strategy, had an annualized yield of around 13% at the beginning of the month, which has now risen to 25% this week.
Regarding the continuously rising yield, it must be said that this is not just randomly giving us money. However, from the past week, the short selling funding rate has been very high, averaging 32%, so it is not surprising that the annual interest rate for stablecoins like USDe has been particularly high during this period.
As for the current TVL reaching 3B, it is because when the funding rate rises = APR rises = entry of sUSDe = TVL rises, that’s how it is. Users have been exhibiting exponential growth, with the current user count at 309.97k, soon to surpass 3.1 million.
ENA broke through 0.7 last night, and there is still a lot of room for growth. Personally, I see it reaching 0.75 in the short term.
Link
app.ethena.fi/join/v82ub
