Post #11977

Ethena’s USDe supply down $1B in last 3 days and 70% post-October 10 crash $USDe supply is in freefall – down over $1B in just the last three days, and ~70% from its October 2025 peak of $15B - now sitting at $5.1B. Similarity with Luna/UST isn't just cosmetic. A synthetic dollar scales fast on the back of high yields, reaches top-3 status, then gets hit by a coordinated market event that breaks its peg and kills confidence overnight. Both USDe and UST relied on market mechanics rather than hard collateral: UST through Anchor's 20% yield, USDe through funding rate arbitrage. But there's one critical difference that saved Ethena from UST's fate: real backing. USDe is collateralized by ETH/BTC positions and delta-neutral hedges, not an algorithmic mint-burn loop. Data source🔗Token Terminal Top 7 Ecosystem:Alpha| X | Aggregator