Ethena Protocol's TVL Reaches $285 Million with 4,455 Users

According to BlockBeats, Ethena Labs, the developer of USDe, has announced that the total value locked (TVL) in the Ethena protocol has reached $285 million, with 4,455 users participating. In addition, the USDe Curve pool participating in the 'Shard Campaign' event has temporarily reached its deposit limit. As per the previous official announcement, the project will continue to increase the limit in the future.

USDe is an Ethereum-based stablecoin backed by derivatives, which achieves price stability through 'delta neutral' hedging in centralized and decentralized venues. To create USDe, Ethena allows users to use US dollars, ETH, or liquidity pledge tokens as collateral.