DeFi & L1L2 Weekly - 💰Ethena USDe's 27% Yield Sparks Debate
DeFi & L1L2 Weekly - 💰Ethena USDe's 27% Yield Sparks DebateCrypto.com enters into a strategic partnership with BTG Pactual. Ethena USDe’s promise of 27% yield following mainnet launch sparks debate. Arweave AO officially launches on public testnet.
Weekly DeFi IndexThis week's market cap, volume, and volatility indices were positive at +11.98%, +62.24%, and +28.10%, respectively. Chart of the WeekEthena Labs launched its USDe stablecoin on the public mainnet on 19 February. The stablecoin is an Ethereum-based synthetic dollar collateralised with ETH and corresponding short futures positions. One of its features is staking; users staking USDe receive sUSDe, which offers a high annual percentage yield (APY) of up to 27.6% — significantly surpassing other yields in the market. Since its launch, Ethena's USDe has grown its market cap to nearly US$500 million, with about 222 million USDe staked to date. However, the community raised concerns about USDe’s yield rate and the sustainability of such high yields, especially with regard to the potential risks related to yield inversion and bear market scenarios.
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Monday, February 26, 2024
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