#ChartoftheDay According to Ethena founder Guy Young, Ethena smoothly handled over $50 million of #USDe redemptions overnight earlier this week. This was the largest volume of redemptions on record for Ethena, triggered by the recent market turbulence. Young said USDe’s backing assets and reserve have always remained above 100% of its supply.

According to data on DefiLlama, Ethena’s ETH$ TVL has remained stable despite recent bullish market conditions. However, impacted by the sluggishness of the market, USDe supply dropped continuously, reflecting investors’ cautious sentiment.

Amid #ETH ’s underperformance, Ethena’s backing assets are gradually shifting to Bitcoin, reflecting the platform’s strategic decisions to shift to more resistant assets. Currently, 48% of USDe is backed by Bitcoin, 30% by Ether, 9% by Ether liquid staking tokens, and 13% by USDT.

Meanwhile, USDe’s price has dropped to as low as 0.997 dollars in the past month, and hundreds of millions of USDe tokens have been burned in exchange for backing assets.

In the last week alone, nearly $60 million of sUSDe was unstaked, reflecting significantly changing market dynamics.