On its launch day, the DeFi platform Ethena has minted over 287 million USDe
ChainCatcher news, according to CoinDesk, over $287 million in USDe has been minted within 24 hours of the launch of the DeFi platform Ethena.
It is reported that the platform offers a 27% annual yield for its USDe token holders, but the 27% reward is calculated on a rolling 7-day basis and may change weekly based on potential factors.
Ethena claims that USDe is a synthetic dollar that largely mimics an algorithmic stablecoin, with a target peg of $1, minted as ETH is deposited into the platform.
Its yield comes from two sources: staking ETH to validators for a 5% capital gain; and shorting Ethereum futures to obtain financing rates, which historical models estimate to be above 20%.
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