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.

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.

Ethena has been working closely with affected parties this week in a supporting capacity and is participating with a contribution into @aave's coordinated DeFi relief effort following the rsETH related incident. As part of a broader recovery initiative alongside other ecosystem participants, Ethena's contribution will go towards restoring the rsETH backing in support of an orderly resolution for stakeholders. Aavethena.

The Ethena Market has just become the fastest ever market on Kamino to surpass $400M in size. 24 hours since launch: • $200M borrow cap reached • $225M+ USDe supplied • $420M+ deployed USDe scales with Kamino.

Here's what happened in April @ethena: • Announced a planned diversification of $USDe backing. • USDe was listed on @aave's @megaeth instance. • Crossed $600m in Ethena Whitelabel stablecoin supply across USDm, jupUSD, and suiUSDe, with more to come. • @BitGo integrated Ethena-powered dollar savings for institutional clients. • @krakenfx became the first US exchange to support Ethena rewards on $USDe. • Partnered with @lifiprotocol on Earn, a new product enabling any wallet, app, or fintech to offer onchain savings to their users. • Launched new Ethena pools on @pendle_fi across the full range of Ethena assets. • @origami_fi launched a new vault built on Ethena assets. • @3janexyz added Ethena assets to their credit-based money market. • $BASED claiming for all eligible sENA holders went live. • $4m in rewards distributed to reUSD and reUSDe holders in under a year via @re. • @etherealdex began alpha testing Ethereal Predict, a USDe native prediction market • Opened new roles. • Operated through the rsETH incident without any issues - billions in $USDe mint and redeem flows handled cleanly, with Ethena contributing to the recovery. Onwards.