Ethena Labs' USDe yield combines ETH staking yield, basis arbitrage from shorting ETH on CEXs, and Synthetix. The growth plan aims to reach $50mil TVL by Friday and $120mil by mid-January, targeting Synthetix, Frax, Curve, Lido communities. The new synthetic dollar is earning USDe holders 25-30% APY, backed by ETH staking and funding rate payouts. Ethena Labs partnered with Synthetix V3 for the ETH basis trade. The goal is to surpass USDT as the largest USD-pegged stablecoin, with $50mm minted so far and a mainnet launch in Jan 2024.
Once Ethena hits $69mil TVL imma go crazy At this rate it’s gonna happen tomorrow
You heard it here first. @ethena_labs is going to flip USDT as the largest USD-pegged #stablecoin. It's going to take time. I'm doing my part as an advisor and minting some sweet sweet $USDe wit dat nice phat APY. $50mm has been minted so far. Mainet launches Jan 2024. https://t.co/2XZZk6OaLc
Upon launch, @ethena_labs chose to partner with @synthetix_io V3 as part of the ETH basis trade that underpins the double-digit yield behind USDe. Below, Ethena Founder @leptokurtic_ explains why they chose Synthetix... https://t.co/S4qoQ6BldL https://t.co/SnlGwqn3FC
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If you swing size in DeFi and you wanna be an early adopter of the most promising DeFi product Backed by the largest crypto and TradFi LPs and founders With the most explosive growth profile Please dm me. We will treat you well with incentives at @ethena_labs
🎙️ New @edge_pod! 💰 Discover how @ethena_labs built a new synthetic dollar with an embedded yield that's currently earning USDe holders 25-30% APY... 🤓 Backed by 2 cryptonative yields--ETH staking + funding rate payouts. 🌽 This real yield is going to be very popular... 👀 https://t.co/WIzRdHfyLc
Growth plan for Ethena: - Hit $50mil TVL by Friday (for whitelisted LPs) - Hit $120mil TVL by mid January - Do a public launch with points - Target Synthetix, Frax, Curve, Lido communities - Multichain (Mantle, X1 and BNB to start) - CEX wallet campaigns and USDe listings
What's this? 26.9% APY? But how?! @ethena_labs's USDe yield is a combo of ETH staking yield + a basis arbitrage from shorting ETH on CEXs + Synthetix. Given the historical funding rate paying shorts for ETH markets in a bull run, this could sustain. It's wild if it works 👀 https://t.co/4kJzpFRk9f