Ethena’s USDe supply on Solana rises by over $450M in 4 days
Ethena’s synthetic dollar, USDe, saw its supply on Solana jump by $450 million in four days, strengthening its presence on the network.Summary
Ethena’s synthetic dollar, USDe, has experienced significant growth on the Solana network, adding $450 million in supply over just four days. This surge positions Solana as a primary liquidity hub for USDe outside of Ethereum, significantly outpacing other platforms like HyperliquidX. Unlike traditional stablecoins, USDe utilizes a delta-neutral hedging strategy to maintain its peg, and its multi-chain expansion is supported by LayerZero’s Omnichain Fungible Token standard.
While the growth reflects strong market adoption, analysts warn of inherent risks. USDe’s yield generation relies on positive funding rates in perpetual futures markets, and its 101% collateralization ratio offers a relatively thin buffer. Furthermore, the concentration of liquidity on Solana creates potential vulnerabilities, as a network-specific issue could impact the token's stability. Investors are advised to monitor supply trends and shifts in Ethena’s underlying collateral composition.
(Source：Crypto Briefing)