ENA soared 70%! The market value of USDe exceeds 1.9 billion, 82% of reserves are composed of ETH and USDT

This site (120bTC.coM): USDe, a U.S. dollar stablecoin with a rapidly rising market value, was developed by Ethena Labs. Its market value has exceeded US$1.9 billion and hit a record high as of press time. It is firmly positioned as the fifth largest stablecoin by market capitalization and has grown by more than 153% in the past month, approaching Binance’s stablecoin FDUSD.

Ethena’s native token $ENA has been officially launched since the 2nd, and users are open to apply for airdrops. It is listed on multiple exchanges, including Binance, bybit, bitget...

$ENA surged 70% to break through $1.3

$ENA also experienced huge gains. According to Binance market data, $ENA has been rising in shock since its issuance. It soared 70% from $0.775 yesterday (3rd), reaching a maximum of $1.32 early this morning.

It fell slightly before the deadline and is now trading at US$1.085. It has surged 32.76% in the past 24 hours. Its market value has exceeded US$1.547 billion, making it the 76th largest cryptocurrency.

Ethena Growth Manager: 82% of USDe’s reserves have extremely strong liquidity

The mortgage assets behind USDe, Seraphim, the head of growth of Athena Labs, published an article on the X platform yesterday, showing that users can use the official front-end Query the composition of USDe’s mortgage assets.

The current mortgage assets of USDe include USD 736 million in USDT and USD 870 million in ETH, which account for 38% and 44% of the total value of all USDe’s mortgage assets. Seraphim pointed out that this means that overall, 82% of USDe's mortgage assets have extremely strong liquidity. In extreme cases, before more than 82% of the mortgage assets are redeemed, the remaining 18% of LSTs can also be converted back to ETH.

Delphi Labs CEO: Ethena will become the highest-grossing crypto project

One of the reasons for the rapid rise in USDe’s market value is that it currently provides up to 35.4% of the pledged APY. In this regard, Delphi Labs José Maria Macedo, CEO and founding partner of crypto investment company Delphi Ventures, published an article on the 2nd saying that Ethena Labs is one of Delphi Ventures’ most confident investments in this bull market cycle. He wrote in the article: sUSDe will provide Highest USD yield among cryptocurrencies. USDe will become the largest stablecoin outside USDC/USDT in 2024. Ethena will become the highest-grossing project in all cryptocurrencies.

CryptoQuant CEO warns: Ethena is CeFi with custody/execution-related risks

However, CryptoQuant CEO Ki Young Ju issued a warning on X regarding the ultra-high APR offered by USDe , Ethena ($ENA) is not DeFi, but CeFi with custody/execution related risks.

Previously, Zhu Su, founder of bankrupt Three Arrows Capital, had pointed out that as Ethena expands, its control over capital flows may lead to potential collusion and confrontation among exchanges. It is therefore suggested that Ethena could directly compete with exchanges by offering perpetual contracts (perps) on its own platform to expand its total addressable market (TAM).

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