A synthetic-dollar savings token backed by liquid reserves and delta-neutral basis trades; yield floats with funding rates and staking.
Your token count never changes; the assets behind each share grow with yield — a market price above $1 is by design, not a depeg.
About share appreciation →Yield now comes mainly from liquid reserves and staking; the basis book is a secondary source. If funding rates go persistently negative, yield trends toward zero.
Official cooldown is a dynamic 1–7 days, no interest accrues; in extremes the contract allows up to 90 days. Curve offers instant exit.
Delta-neutral hedging maintains the peg; in extreme markets, collateral or hedge-execution damage can depeg USDe itself.
Deep secondary liquidity on Curve and elsewhere.
Ethena Labs — operating ~2 years, multiple audits; the reserve fund has shrunk to ≈$5–6M.
Live from DeFiLlama with on-chain verification. Data verified 75m ago.