Ethena

24h change: -1.45%. From $0.1036 to $0.1021.

• MegaETH debuted its MEGA token at $2 billion valuation, committing USDm yield from its Ethena-powered stablecoin to buybacks. USDe enables low-cost USDM borrows on Aave MegaETH with caps up to $500 million and 3% APY rewards. These moves boost Ethena's infrastructure across new chains.

24h change: -1.72%. From $0.1068 to $0.1049.

• DeFi projects including Ethena, Aave, , and LayerZero have joined DeFi United to fund recovery for users affected by the $292 million Kelp DAO exploit. Commitments total hundreds of millions toward a $300 million goal. This effort demonstrates collective action to restore confidence in DeFi lending protocols.
• Kelp DAO lost $292 million to an exploit involving wrapped ETH stranded across 20 chains, triggering a sharp TVL decline in Aave. Ethena paused LayerZero OFT bridges as a precaution but reported no rsETH exposure. The event exposes cross-chain risks in DeFi protocols.

24h change: +2.24%. From $0.1057 to $0.1081.

• DeFi protocols including Ethena, EtherFi, Lido, and others have pledged funds to DeFi United to cover shortfalls from the $292 million Kelp DAO exploit involving rsETH. Aave DAO is proposing a 25,000 ETH commitment to the effort. This response aims to protect lenders and restore confidence in cross-chain DeFi activities. It underscores vulnerabilities in wrapped assets across chains.
• Ethena's USDe experienced $1.1 billion in outflows recently, contributing to supply dropping to $3.8 billion, a multi-month low. This marks the second-largest weekly decline in history. Positive mints of $50 million noted today amid ongoing redemptions. The development reflects shifting demand for synthetic dollars in DeFi.
• Ethena has implemented strict rate limits on cross-chain transfers and mints for USDe. This precautionary measure follows recent DeFi exploits like Kelp DAO. It aims to enhance security and prevent rapid outflows or attacks. Users should note potential delays in transfers.

24h change: -0.14%. From $0.1064 to $0.1062.

• Ethena Labs has finalized its first direct lending agreements with Anchorage Digital, Maple Institutional, and Coinbase Asset Management. These deals form part of a broader overhaul of USDe reserves to enhance liquidity and stability. This move supports greater institutional adoption of Ethena's synthetic dollar protocol.
• Ethena Labs proposed a governance change to replace the fixed 7-day sUSDe unstaking cooldown with a dynamic model. This adjustment aims to improve user experience and liquidity management based on market conditions. It reflects ongoing protocol optimizations for staked USDe holders.
• Leaders from Aave and Ethena discuss how crypto finance is adopting traditional tools to lock in returns amid volatility. New features enable stable yields in fluctuating markets. This signals maturing DeFi infrastructure appealing to broader financial sectors.

24h change: -3.27%. From $0.1103 to $0.1067.

• Ethena has reduced reliance on perpetual futures for USDe backing to 11 percent, incorporating stablecoin reserves and DeFi lending positions. This change aims to enhance resilience across market cycles by spreading risk. It follows recent protocol updates emphasizing stability amid industry exploits.
• Ethena's total value locked dropped to $4.3 billion, primarily on Ethereum. Fees remain substantial at annualized $214 million despite the decline. This occurs as USDe supply holds steady at $3.8 billion.