# Ethena Related Articles

Ethena's Stablecoin USDe Plunges by Half Following October Crypto Market Crash

The stablecoin USDe, issued by Ethena, experienced a significant decline, with its market capitalization plummeting by more than half from its October peak, dropping by $8.5 billion. This sharp decrease followed the major cryptocurrency market crash on October 10, which triggered record trader liquidations nearing $20 billion in nominal futures positions. Analysts from 10x Research noted that the crash eroded investor confidence in USDe's synthetic backing mechanism during periods of market stress. USDe, the fourth-largest stablecoin by market cap, is not directly backed by the US dollar but instead relies on a delta-neutral strategy involving positions like simultaneous long and short trades on assets such as Bitcoin. Despite being one of the sector's most profitable protocols with nearly $400 million in earnings since the beginning of the year, USDe's supply fell from a peak of $14.8 billion in early October to $6.3 billion by December 24. Ethena's native token, ENA, also suffered, declining 60% since October and nearly 80% year-to-date. In contrast, other major stablecoins in the top five saw growth or only minor, temporary declines during the same period.

RBK-crypto12/24 16:48

Can Ethena hold $0.20 after 101M ENA flood exchanges?

ambcrypto12/21 03:02

Arthur Hayes' Latest Podcast: Got the Script for Next Year, Already Fired 90% of the Bullets

Arthur Hayes, co-founder of BitMEX, shares his macro outlook and investment strategy in a recent podcast. He argues that the market is waiting for a "magic word like QE" from the Fed, but it won't come in its traditional form. Instead, he predicts a rebranded version of money printing called "Reserve Management Purchases" (RMP) will provide liquidity, with its full impact being recognized by the market around March next year, leading to a significant asset price recovery. Hayes is heavily invested, having deployed 90% of his capital, and remains confident in Bitcoin's long-term rise, reiterating a $250,000 price target for 2026. He warns against shorting AI-related stocks like NVIDIA, calling it a trap. For altcoins, he sees the next major narrative in privacy and ZK technologies, with Zcash (ZEC) as a current holding, though he acknowledges regulatory hurdles for privacy coins. He highlights Ethena (ENA) as one of his most successful and confident bets, expecting a sharp rally as monetary conditions ease. Hayes dismisses the idea that "altseason" is missing, stating it's always happening with new trends, and criticizes those who are too risk-averse to participate. The most dangerous macro narrative, in his view, is the belief that central banks will tighten policy. His key advice is to avoid excessive leverage and stop blaming market makers for price movements.

Odaily星球日报12/20 02:15

HyENA Officially Launches: Ethena-Backed, USDe-Margined Perp DEX Lands on Hyperliquid

HyENA, a new perpetual DEX developed by the Based team, has officially launched on Hyperliquid. Supported by the Ethena Foundation, it introduces a novel trading model that allows users to post USDe as margin. A key innovation is that eligible USDe earns up to 12% APY while being used as collateral, enabling traders to generate yield on otherwise idle assets. The platform initially supports perpetual contracts for BTC, ETH, SOL, and HYPE. It also introduces a new DeFi primitive, HLPe, which consolidates various revenue streams like maker profits and funding rates into a single vault share for greater transparency and capital efficiency. HyENA is one of the first major products built on Hyperliquid's new HIP-3 standard, which allows builders to deploy their own perpetual markets with customizable parameters by staking HYPE. This framework enables faster listing of new trading pairs and innovative incentives while inheriting Hyperliquid's high performance. The Based team, a top builder on Hyperliquid and backed by Ethena, views HyENA as a critical step in establishing USDe as a premier margin asset in decentralized finance, bringing a high-frequency use case from centralized exchanges onchain.

深潮12/10 08:01