RT Token Terminal 📊 (@tokenterminal)ICYMI: @SkyEcosystem's sUSDS overtakes @Ethena_Eco's sUSDe in market cap & becomes the largest yield-bearing stablecoin. https://t.co/fX8ZotGOXh ...

ICYMI: @SkyEcosystem's sUSDS overtakes @Ethena_Eco's sUSDe in market cap & becomes the largest yield-bearing stablecoin. https://t.co/fX8ZotGOXh ...

ethena generates $365m annual fees but lost 50% tvl in 43 days when sUSDe yield dropped to 2.7%. the entire $14.8b to $7.2b collapse triggered when yield fell below aave borrowing costs, breaking every leverage loop. $54m ena unlocks tomorrow into a protocol that only works when subsidized. ...

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]

Market Trends - Crypto market experienced a pullback in November, but attention should be paid to projects with significant spikes in trading volume [1] - Top 10 volume risers this week are listed, indicating potential shifts in market interest [1] Projects to Watch - Kelp DAO's RSETH, Ethena Labs' sUSDe, rzcoin's RZ, Starknet's STRK, Picoreteam's PI, Cosmos' ATOM, Jewelry Token's JEWELRY, ASI Alliance's FET, Astorcoin's ASTER, and Zcash's ZEC are identified as top volume risers [1] Resources - A screener is available to track assets with the highest percentage jumps in trading volume [1]

Core Insights - Terminal Finance, a decentralized exchange (DEX) by Ethena Labs, has achieved over $280 million in total value locked (TVL) before its launch [1] - The platform aims to be the primary DEX for the Ethena ecosystem, focusing on USDe and sUSDe, and will support trading against USDtb [2] - Terminal will facilitate spot trading pairs with major cryptocurrencies and implement a "yield Skimming" mechanism to enhance liquidity [3] Company Overview - Terminal Finance has completed a pre-deposit phase with three capped vaults, reaching full capacity with 225 million USDe, 10,000 ETH, and 100 BTC [1] - Over 10,000 wallets participated in the pre-deposit stage, with early participants eligible for token rewards linked to the upcoming token generation event (TGE) [4] - Ethena's assets are becoming significant in DeFi liquidity, with Terminal's integration of sUSDe enhancing this foundation [5] Industry Context - Decentralized exchanges are gaining traction in the current bull market, with platforms like HyperLiquid competing against centralized exchanges such as Binance and Coinbase [2] - The focus on yield-bearing assets and liquidity efficiency is expected to improve market depth within the DEX space [3]

Core Insights - The Federal Reserve's recent interest rate cut signals a potential easing of monetary policy, which is generally perceived as bullish for cryptocurrencies due to lower capital costs and increased liquidity [2][12] - However, the immediate market response has been more complex, with no significant surge in capital inflow into Bitcoin (BTC) and Ethereum (ETH) following the announcement [3][12] Group 1: Impact on DeFi Lending - The interest rate cut by the Federal Reserve creates two opposing forces in the DeFi lending market [5] - The first effect is a reverse effect where lower rates lead to higher on-chain yields as investors seek returns outside traditional assets, potentially increasing utilization and on-chain rates [5][7] - The second effect is a direct correlation where lower rates decrease the cost of alternative liquidity sources, leading to lower borrowing costs and a decrease in both on-chain and off-chain lending rates over the medium to long term [10][12] Group 2: Market Dynamics and Yield Trends - Aave's USDC lending rates on Ethereum show a narrowing of the borrowing-supply yield spread prior to the Fed's announcement, indicating increased competition for yield [7] - Pendle, a DeFi platform for forward yield markets, shows that implied yields are significantly higher than traditional rates, but are also declining in line with expectations of further Fed easing [10][12] - The overall trend indicates that as macro policies evolve, on-chain yields are expected to decrease, impacting liquidity conditions in the crypto market [12]

RT Ethena Labs (@ethena_labs)Here's what happened @Ethena_labs in September:• USDe & USDtb TVL crossed $16B, with USDe supply hitting $14.5B• Partnered with @Binance to integrate USDe across entire platform of 280M+ users, $190B+ assets, scaled to $3B USDe in a week• Ethena launched on @PlasmaFDN as a core dollar asset within their DeFi ecosystem, growing to >$1B in supply in a few days• USDe listed on @krakenfx, the first US exchange listing• USDe listed on @CoinoneOfficial the 3rd largest exchange in Kore ...

RT Folks Finance (@FolksFinance)Ethena $USDe and $sUSDe are live on Folks 🔺The synthetic dollar from @ethena_labs and its staked version are now available on @avax for deposits, collateral, and crosschain borrowing.Looping on Folks unlocks amplified staking & lending yield + extra incentives + points! 👇 https://t.co/Tg9lV7ensR ...

If there's one thing to take away about stablecoins its Sam's idea around the two types of stablecoins:1. Yield bearing, unregulated permissionless stablecoins, things like sfrxUSD or sUSDe.2. GENIUS compliant. Regulated, riskless as much as possible economically, digital dollar that is a payment method, a settlement currency.Really quality vision for what's likely to persist in the future for stables.Stabled up episode one was a success.The Rollup (@therollupco):We asked @samkazemian how @fraxfinance diffe ...