Two crypto-native issuers that understood this:@SkyEcosystem (sUSDS) & @ethena (sUSDe) 👇Token Terminal 📊 (@tokenterminal):"Look. The tokens, they just want to earn yield. You have to understand this. The tokens, they just want to earn yield." https://t.co/zDp2oIe7Tc ...

RT Token Terminal 📊 (@tokenterminal)💰🪙 Yieldcoins are on the rise, led by @SkyEcosystem's sUSDS and @ethena's sUSDe.A trend to follow 👇 https://t.co/kOdacaC3Bt ...

💰🪙 Yieldcoins are on the rise, led by @SkyEcosystem's sUSDS and @ethena's sUSDe.A trend to follow 👇 https://t.co/kOdacaC3Bt ...

RT DeFi Andree (@DeFi_Andree)Yield-Bearing Stablecoins: From USD-pegged Token → On-chain Fixed-Income InfrastructureStablecoins mature, they aren't just growing in market cap, they are specializingWhat was once a monolithic category is fracturing into distinct yield engines, each representing a unique method of generating on-chain USD cash flowAnd like every vertical in crypto: this shift isn't happening evenly. It is defined by a few dominant names, followed by a long tail of experiments trying to catch up ...

Stablecoin Market - SkyEcosystem's sUSDS surpasses Ethena_Eco's sUSDe in market capitalization [1] - sUSDS becomes the largest yield-bearing stablecoin [1]

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]