CRYPTO MARKET / ASSET
Ethena USDe (USDE)
$0.9996
▼ -0.01% -$0.00011 LOW: $0.9990 / HIGH: $1.00 (24H)
▼ -0.01% -$0.00011
LOW: $0.9990 / HIGH: $1.00 (24H)
LOW: $0.9990 / HIGH: $1.00 (24H)
| FULL MARKET CAP $5.25 B |
| TOTAL VOLUME 24H ($) $55.05 M |
| CIRCULATING SUPPLY 5,249,981,921 |
| TOTAL CURRENT SUPPLY 5,249,981,921 |
| MAXIMUM SUPPLY ∞ |
USDE / USD Conversion
swap_horiz
Overview
Ethena USDe (USDE) is a synthetic dollar on Ethereum, backed by staked ETH and designed for stability through delta hedging. It supports the yield-generating 'Internet Bond' and is developed by Ethena Labs.
- Rough last 24hrs for everyone involved. Firstly want to call out the response from @benbybit and the team. Don't think I've ever seen a team handle crisis communications as well as they did. Stood up to face the music immediately to provide transparent answers to the community. An example for us all to look up to.
Ethena handled the largest single day of redemptions and unwound all unrealised exposure to Bybit within an hour of the news breaking. In any event, the unrealised exposure at its peak was always a fraction of the excess reserves behind USDe. At no point was USDe undercollateralised despite Bybit representing >20% of the hedging exposure as the second largest derivative exchange in the world. Even if the unrealised exposure to Bybit had not been reduced to zero within the hour, this exposure could have been lost entirely and USDe would have still been overcollateralised.
We hope this event validates some of the design decisions that were made to reduce risk for our users using OES custody solutions. The easy design route was to avoid the costs and the added engineering complexity of custodians within our offchain hedging systems. But we don't make decisions because they are easy, we make decisions we think are right for our users in the long run.
It is not good enough to listen to me speak about how we mitigate for these risks in theory, often you need to see it play out in real time with your own eyes to have confidence it actually works at scale.
While in the short term this has been painful for many parties involved, I hope we have continued to build confidence and trust from our users on the go forward resilience of the model even in the face of extreme pressure. An event like this was often cited as the single biggest risk to USDe, and we have experienced zero loss to the backing or issues with regards to redemption requests.
We are in the process of providing a full write-up on the event to help answer any open questions which we will share via the @ethena_labs account shortly.
@leptokurtic_ • February 22, 2025 - We are aware of the @Bybit_Official incident and want to reassure our clients that their collateral is whole and protected.
Our ClearLoop network ensures all collateral is fully protected in a secure off-exchange environment with MPC-enabled security.
ByBit has indeed settled client PnL in accordance with the latest settlement cycle. We’re liaising closely with ByBit and receiving regular updates.
We will share relevant updates here.
@CopperHQ • February 21, 2025 - Replying to @ethena_labs:
@ethena_labs • February 21, 2025
Time Ranges
| 1 HOUR | +0% |
|---|---|
| 24 HOURS | -0.01% |
| 7 DAYS | +0.01% |
| 30 DAYS | -0.04% |
24h USD Activity
| SPOT MOVING CHANGE | $0.0003028068 +0.03% |
|---|---|
| SPOT MOVING QUOTE VOLUME | $81,334,871.80 |
| CIRCULATING MARKET CAP | $5,250,010,192.37 |
| TOTAL MARKET CAP | $5,250,010,192.37 |
Supply & Distribution
| SUPPLY | |
|---|---|
| ISSUED | 5,252,106,029 (100%) |
| TOTAL CURRENT | 5,252,106,029 |
| DISTRIBUTION | |
|---|---|
| ● CIRCULATING | 5,252,106,029 |
| ● LOCKED | 0 |
| ● BURNT | 0 |
UPDATED: 04/04/2025 08:05
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