Stablecoin Project Ethena Labs Bags $4M for USDe Treasury
Stablecoin project Ethena Labs has raised over $4 million for its treasury in less than two weeks after launch. The firm's synthetic dollar, USDe, aims to be pegged to $1 by shorting ether (ETH) futures and has yielded over 68% annualized on deposits. After paying out users, Ethena Labs could keep $4 million, increasing its treasury to over $16 million. This has made Ethena the third-largest revenue generator in the crypto market, behind Tron and Ethereum blockchains. The high yields are mainly from high ether-future funding rates and staking ether to a validator. Users can deposit stablecoins to receive USDe, which can be staked and supplied to other DeFi platforms for additional yield. The total value locked on Ethena has grown to $833 million, up from $300 million in mid-February after its public launch.
