（来源：吴说） Ethena 的合成稳定币 USDe 自 10 月以来的 TVL 已从 148 亿美元回落至 76 亿美元，跌幅超过 50%，主 要受 Aave 等借贷协议上高杠杆循环策略集中平仓所推动。随着永续合约资金费率下行，USDe 的年化 收益降至约 5.1%，已低于 Aave 上约 5.4% 的 USDC 借贷成本，导致此前依靠 sUSDe 反复质押、实现 10 倍以上杠杆以获取息差的 carry 交易不再具备正收益并快速出清。（The Block） 来源：市场资讯 ...

Yield compression triggers 50% TVL drop in USDe despite rising onchain usage https://t.co/GNqhDV4uI1 ...

Federally chartered crypto bank Anchorage Digital is set to launch a rewards program for holders of USDtb and USDe tokens, without directly offering yield in a way that would violate the U.S. stablecoin laws. Institutions can now hold either token on Anchorage’s platform and receive rewards on idle holdings without staking or locking up their assets, the firm said in a press release shared with CoinDesk. The rewards are paid through Anchorage Digital Neo Ltd., a separate entity from Anchorage Digital Ban ...

Hold USDe for just 24 hours and watch the earnings kick in.Trade anytime to unlock capital efficiency: https://t.co/Aaf3j7QR76#Bybit #CryptoArk https://t.co/5rFoRWk2Bn ...

RT Jonaso (@Jonasoeth)Ethena has officially reached $600M in total revenueQ3 2025 was its strongest growth period so far, adding more than $150M in just one quarterToday, @ethena_labs is showing a much more complete strategyIts assets are no longer only used to generate yield for stablecoins → They are becoming trusted collateral across DeFi and liquidity for major perpDEXs like @reya_xyz, Based, and the newest one, Nunchi, a perpetuals platform on yield markets built on Hyperliquid HIP-3.It’s clear that Hy ...

Is a mechanical glitch or software bug to blame for Bitcoin's falling? | Source: Image created with Gemini Key Takeaways Tom Lee has attributed Bitcoin’s steep decline to a “mechanical glitch”. He also publicly backed investor Mike Alfred’s accusation that higher entities are intentionally pushing Bitcoin lower. Some analysts are expecting Bitcoin to fall toward $80,562. Bitmine chairman and well-known strategist Tom Lee has claimed that a “mechanical glitch” has played a central role in Bitcoin’s ...

RT Vishal Kankani (@kankanivishal)Today, we are proud to announce Multicoin Capital liquid fund’s investment in ENA, the native token for Ethena Protocol, the issuer of USDe, the leading synthetic dollar.Synthetic Dollars aim to generate yield and create stability by executing fully-collateralized delta-neutral trading strategies in financial markets. Ethena generates yield by monetizing the market’s demand for leverage via basis trade.The most exciting thing about Ethena for us is that it sits at the inter ...

#Crypto #2025大概率明年的主要收入就不是 DeFi / 套利了。作为 2025 回顾篇，聊聊最近一些事件：1. 杂种稳定币。在 1011 的时候就风险提示过了：https://t.co/NdAR42kjM2长期关注的朋友应该有印象，我接过所有的脱锚-回锚的币的针。但杂种稳定币，只能是作为 Curator 不让人亏钱，自己不亏钱，没办法盈利。因为无法积累杂种稳定币的债务，脱锚的时候也不可能抄底。而对手方（项目方）上可以坏账，下可以折价回收。完完全全无敌作弊码，敢玩就是死。这种杂种稳定币，我的重点监控对象还有 2 家。希望未来几年他们越做越大，大到让我可以借坏账筹码，暴雷的时候捡点钱。不用问是谁，没发生的事情说了是 fud，发生了招竞争对手。大部分 DeFi 人心里有数自己准备。2. Ethena 代表 DeFi 的终结。我的文章和推文聊过 Ethena 很多很多次，它是这两年轮牛市的唯一核心。从 Ethena 这个项目上赚千万人民币的人很多很多很多，业务模式稳固、利润和容量巨大、生命周期长的矿，从我了解 DeFi 以来独此一家。然后 Ethena S4 的空投，已经实质性违约了。我觉得比 S3 好， ...

If that function had been shut off or traders were unable to essentially tender USD and get back Bitcoin or whatever you get back when you redeem USD, then I would say yes there's a decking event. >> A lot of Treadfi people texted me and they're like, "Oh, uh, the stable coin is not stable." How would you explain to a person that is not deep in crypto what actually happened. >> Binance has a USD market is not that liquid versus curve, which is the most liquid place. Take a look at the USD price on curve ver ...

Core Insights - Elixir has suspended support for its synthetic stablecoin deUSD due to the fallout from Stream Finance's $93 million loss, leading to a significant depeg of deUSD to approximately $0.015 [1][3][9] Group 1: Elixir and deUSD - Elixir has processed redemptions for 80% of all deUSD holders, resulting in a depeg of the token [3] - The market cap of deUSD was around $150 million before the crash, and Stream Finance holds about 90% of the remaining supply, valued at roughly $75 million [4] - Elixir is coordinating with other DeFi protocols to compensate affected holders and has disabled withdrawals to prevent liquidation of deUSD [5] Group 2: Stream Finance - Stream Finance revealed a major hit to its balance sheet with $285 million in debt, including $68 million owed to Elixir [3][9] - The XUSD stablecoin, backed by deUSD, crashed 90% to $0.10 following the disclosure of Stream's financial issues [4] - Stream's rapid growth was based on capital-efficient DeFi strategies, but its reliance on external fund managers has raised concerns about transparency and counterparty risk [7] Group 3: Market Reactions - Analysts described the drop in XUSD as a crisis of confidence rather than a technical failure, with no smart contract exploit identified [6] - Social media discussions have intensified concerns regarding Stream's reserves, suggesting a heavily leveraged position with $170 million in assets against $530 million in loans [6] - Balancer also faced a significant exploit, losing over $128 million but managing to recover $19 million [8][9]