ethena monthly revenue went from ~$15m at peak to $363k. 97.6% decline. USDe supply down $2b YTD to $5b with redemptions accelerating. the part nobody connects: spot BTC and ETH ETFs structurally compress perp funding rates by absorbing volatility that used to flow through CEX perps. funding sits at 3-7% annualized now, which is ethena's breakeven zone after hedging costs and fees. sUSDe yields at 5-8% competing against 4.2% T-bill stables with zero smart contract risk. $2b didn't leave crypto, it rotated to USD1 and USYC. ethena's model was built for a market structure that ETFs permanently destroyed.

Ethereum’s Institutional Era Has Arrived @Sharplink CEO @joechalom joins @gazza_jenks at Consensus to explain why SharpLink has taken an institutional-first approach to Ethereum treasury management, and why he believes ETH is uniquely positioned for the next phase of tokenization and onchain finance. OUTLINE 00:00 - Introduction 00:51 - Ethereum Treasury Companies 02:25 - SharpLink vs BitMine 04:25 - Ethereum vs Bitcoin 06:14 - Managing Volatility 07:55 - BlackRock and Tokenization 10:00 - The Future of Finance 10:59 - Geopolitical Risk 12:08 - Ethereum’s Long-Term Value 13:09 - Closing Thoughts

Ethereum security is not a solo mission 🤝 Huge respect to every team helping direct more support toward the projects protecting the ecosystem. Final hours to join the push 👇

ethena risk committee confirmed all fee switch parameters met on may 13. $332m in cumulative protocol revenue generated, $0 distributed to ENA holders. governance vote is now weeks away, not months. MKR repriced 40% in the 3 weeks between forum post and on-chain vote when they activated buybacks. the trade here is front-running the governance announcement, not the activation. watch for the forum post. 171m ENA unlocking schedule is the counterweight but $1.04b market cap on a protocol doing 9 figures in revenue with zero value accrual to the token is a setup that resolves violently in one direction or the other

ethena just pulled off the most aggressive stablecoin expansion in defi history. $700m of their own USDG deployed to solana specifically so users can borrow it, swap to USDe, and re-deposit at 12.5x leverage. USDe on solana went from $3.5m to $70m in 24 hours. both sides of the loop are issued by the same entity. stargate had to raise bridge limits to $30m/hour because demand broke the pipes. 36% APY on a stablecoin leverage loop where both tokens come from the same issuer running delta-hedged perp books. this is either the most elegant balance sheet play in crypto or the most circular liability structure since terra. no in between.

Etherealize general counsel @syelderman on the Clarity Act in Fortune: “I think it’s going to pass, based on all the great progress that has been made on both sides of Congress, and the support this bill is getting from the White House,” Steve Yelderman, general counsel of Ethereum-focused advocacy organization Etherealize, told Fortune. “That said, it’s Washington, and anything could happen.”

Etherlink to date: → 787,761 wallets → 77.5M transactions → 43.4M blocks → $23M TVL → $17.4M in stablecoin supply ($16.4M USDC, $1M USDT) Monthly transactions have held above 1M since May 2025, with multiple months clearing 2M.