Ethena USDe (USDE) Price Chart and Market Data

This overview covers the structural data categories for the project, detailing its yield generation mechanics, fundraising history, trading venue liquidity, active ecosystem campaigns, and economic risks.

What is Ethena USDe (USDE)?

Ethena USDe is a synthetic dollar built on Ethereum that maintains its peg through delta-neutral hedging instead of traditional fiat reserves. For every USDe minted, the protocol opens an equivalent short perpetual futures position. It's a clever way to ensure 1:1 collateralization while keeping the backing stable despite crypto volatility. You might wonder how it scales; this setup allows it to grow without relying on traditional banking infrastructure.

How does the "Internet Bond" generate yield?

The yield for Ethena's "Internet Bond" comes from two distinct on-chain sources. First, it captures consensus and execution rewards from staked Ethereum (stETH) collateral. Second, it collects funding payments from the short futures positions used to maintain the peg. Here is the deal: in bullish markets, traders going long pay those going short. Ethena captures these payments and passes them directly to staked USDe (sUSDe) holders.

Who backed Ethena during its fundraising rounds?

Ethena Labs secured substantial funding across multiple rounds from top crypto and traditional finance players. A massive $100 million strategic round in February 2025 was led by Franklin Templeton and F-Prime Capital. Furthermore, on February 26, 2025, MEXC Global (Privcode Capital) completed a $20.00 million funding round. Other early backers include heavyweights like Deribit, OKX, and Arthur Hayes' Maelstrom.

Where can you trade USDe?

You can trade the asset across a massive range of top-tier centralized and decentralized venues. Binance currently leads as the most active exchange for the USDE/USDT pair, with Bybit and MEXC following closely behind. It's worth noting that other major platforms like Bitget, BitMart, and Biconomy also list USDe. On-chain, deep liquidity pools exist on Curve Finance and Uniswap v3 to help maintain peg stability.

Which point farming campaigns are active in the ecosystem?

The ecosystem runs several rewarding campaigns for active users. The Ethereal point farming campaign launched on February 13, 2025, allowing early adopters to pre-deposit USDe. Another major ongoing event is the Strata launchpad pool, which started on October 13, 2025, and has successfully raised $3.00 million. Previously, users also farmed points through the completed Ethena Shard campaign, as well as via Scroll and Mellow Protocol integrations.

Can negative funding rates threaten the current backing ratio?

Yes, negative funding is the absolute primary economic risk to USDe. If perpetual futures funding rates stay negative for a prolonged period, Ethena must pay out costs, potentially eroding the backing collateral. To protect against this, Ethena maintains a $62 million Reserve Fund. Their conservative risk models estimate a $23 million requirement to survive a 24-hour unwind with a 50bps funding loss, meaning it's heavily over-provisioned.