USDe 收益下滑引发高杠杆循环交易集中平仓，TVL 跌逾 50%

Core Insights - Ethena's synthetic stablecoin USDe has seen its Total Value Locked (TVL) drop from $14.8 billion to $7.6 billion since October, representing a decline of over 50% [1] - The decline is primarily driven by concentrated liquidations due to high-leverage circular strategies on lending protocols like Aave [1] - As the funding rates for perpetual contracts decrease, the annual yield for USDe has fallen to approximately 5.1%, which is now below the borrowing cost of about 5.4% for USDC on Aave [1] - This has rendered the previously profitable carry trading strategy, which relied on repeatedly staking sUSDe for over 10x leverage to capture yield spreads, unviable, leading to rapid unwinding [1]