Basis Trading
Ethena USDe
Total TVL
$4.43B
Active pools
1
Chains supported
1
Official site: https://www.app.ethena.fi/join/3y20d ↗
Overview
Ethena USDe is a basis trading protocol that facilitates the minting and burning of stablecoins in exchange for collateral, generating revenue from arbitrage opportunities between assets. Participants can earn interest by providing liquidity or staking tokens as collateral.
The protocol holds $4.4B in TVL across 1 active pool on Ethereum, which dominates at 100%. This indicates a singular chain focus with no diversification risk spread across multiple chains.
Audit posture is light, with 1 audit reference available. The absence of market cap data means token economics details are not provided, but the protocol maintains an official website for further engagement.
Composed 2026-05-21 from the structured data above. See methodology for the full pipeline.
TVL by chain
| Chain | TVL on chain |
|---|---|
| Ethereum | $4.43B |
TVL history
Top pools
FAQ
› What is Ethena USDe?
Ethena is a synthetic dollar protocol built on Ethereum
› How much TVL does Ethena USDe have?
Ethena USDe has $4.43B in total value locked across all supported chains as of the last refresh.
› How many active pools does Ethena USDe have?
We currently track 1 active pools for Ethena USDe.
› Is Ethena USDe audited?
DefiLlama lists 1 audit for Ethena USDe. Audits reduce smart-contract risk but do not eliminate it.
See our methodology for how this data is collected.