CoinVoice has recently learned that, according to a report by Coindesk, based on data from DefiLlama, the stablecoin USDe issued by Ethena Labs has attracted approximately $1 billion in new funds over the past month, with its market capitalization rebounding to $3.46 billion, only 5% lower than the historical high of $3.6 billion reached in July.
The funding rate for perpetual contracts in the cryptocurrency market turned negative in August and September, making Ethena's strategy unfavorable for investors as its yield fell below the risk-free rate in dollars. Investors withdrew $1.2 billion from the protocol between July and October. Analysis points out that the rebound in USDe supply can be attributed to the recent surge in funding rates in the contract market. Data from Ethena's official website shows that the average APY for sUSDe (staked USDe) has risen to 29%.
There are more catalysts that may drive further growth in the future. For example, the decentralized lending protocol Aave has added staking USDe tokens to its available collateral assets, allowing users to borrow against the tokens while earning yields. [Original link]
