{"post_stream":{"posts":[{"id":1111,"name":"Kairos Research","username":"Kairos_Res","avatar_template":"/user_avatar/gov.ethenafoundation.com/kairos_res/{size}/38_2.png","created_at":"2026-05-28T14:12:11.669Z","cooked":"\u003ch1\u003e\u003ca name=\"p-1111-ethenas-march-and-april-2026-governance-update-1\" class=\"anchor\" href=\"#p-1111-ethenas-march-and-april-2026-governance-update-1\" aria-label=\"Heading link\"\u003e\u003c/a\u003eEthena’s March and April 2026 Governance Update\u003c/h1\u003e\n\u003cp\u003e\u003cem\u003ePrepared by Kairos Research\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eThis is the combined March and April installment of Ethena’s monthly governance report. Two months defined by structural change: the activation of a dynamic sUSDe cooldown framework, Ethena’s first direct-lending agreements with institutional counterparties (Anchorage Digital, Maple Institutional, Coinbase Asset Management), a 4× expansion in Whitelabel stablecoin supply to over $600M, and a tested resilience event in late April as the protocol operated through the industry-wide rsETH incident without disruption. Headline supply contracted from $5.92B to $3.90B over the period; the Reserve Fund remained flat at ~$62M; protocol revenue ticked higher; and the annualized run-rate accelerated to $234M by month-end.\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-1111-key-takeaways-2\" class=\"anchor\" href=\"#p-1111-key-takeaways-2\" aria-label=\"Heading link\"\u003e\u003c/a\u003eKey Takeaways\u003c/h2\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eDirect Institutional Lending:\u003c/strong\u003e Ethena finalized its first direct lending agreements with Anchorage Digital, Maple Institutional, and Coinbase Asset Management, broadening USDe’s backing into overcollateralized institutional credit while preserving the protocol’s liquidity and risk standards.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eDynamic sUSDe Cooldown:\u003c/strong\u003e The static 7-day sUSDe unstaking cooldown was replaced with a dynamic model that adjusts between 1, 3, 5, and 7 days based on the current backing composition. The cooldown was reduced to 1 day at activation, given that liquid stables now represent the dominant share of backing.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eWhitelabel Stablecoin Growth:\u003c/strong\u003e Total Whitelabel stablecoin supply across jupUSD, USDm, and suiUSDe crossed \u003cstrong\u003e$600M\u003c/strong\u003e in April, a ~4× expansion from the $150M+ mark hit in early March. More Whitelabel partners are in the pipeline.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eOur Whitelabel-in-Backing Proposal:\u003c/strong\u003e On April 14 we published a Risk Committee proposal to allow USDtb-backed Whitelabel stablecoins (jupUSD, USDm) to be held directly within USDe’s backing portfolio. The thesis: these assets are economically equivalent to direct USDtb holdings, so routing them through USDe’s backing captures yield for sUSDe holders without introducing new credit exposure. The proposal also sets concentration guardrails and attestation-timeliness triggers.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eResilience Through the rsETH Incident:\u003c/strong\u003e Ethena operated through the April rsETH incident without disruption. Billions in USDe mint and redeem flows were handled cleanly, with no peg break and no draw on the Reserve Fund. The protocol paused the LayerZero OFT bridge as a precaution, hardened its DVN configuration on restoration, published refreshed proof-of-reserves with four independent verifiers, and contributed to the DeFi United coalition recovery effort alongside EtherFi and Lido.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eEcosystem Footprint:\u003c/strong\u003e USDe gained an Aave MegaETH instance listing, a full-range Pendle pool refresh, a new Origami vault, 3Jane credit-money-market support, BitGo institutional dollar-savings integration, a \u003ca href=\"http://LI.FI\" rel=\"noopener nofollow ugc\"\u003eLI.FI\u003c/a\u003e Earn embeddable-savings partnership, USDe-native prediction-market alpha on Ethereal Predict, $BASED claiming live for sENA holders, and $4M in cumulative rewards distributed to reUSD / reUSDe holders via \u003cspan class=\"mention\"\u003e@re\u003c/span\u003e. March additions included Compound V3 collateral support, Lista DAO fixed-rate PT-sUSDe borrowing, an Aave V4 dedicated environment with two Spokes (more than any other ecosystem), Privy wallet integration (120m+ accounts), WalletConnect Pay merchant checkout, and a LiFi Composer single-transaction onboarding path into Ethena vaults.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eProtocol Solvency \u0026amp; Reserve Fund:\u003c/strong\u003e Solvency held above 101% throughout the period (101.10% at the start of March, 101.63% at the April 30 attestation). The Reserve Fund remained flat at \u003cstrong\u003e~$62.0M\u003c/strong\u003e across every weekly attestation, including through the rsETH redemption window. The April 8 subcommittee update sized the recommended buffer roughly 9x below the current fund balance, prompting a recommendation to redirect future USDtb interest to sUSDe holders. (Full detail in the Risk \u0026amp; Resilience Metrics section.)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eOur Tokenized Gold Proposal:\u003c/strong\u003e On April 16 we published a proposal advancing PAXG and XAUT as new basis-trade backing assets, motivated by gold’s near-zero funding correlation with crypto and structurally higher gold-funding yields (PAXG ~3.6%, XAUT ~5.1%) during compressed crypto carry regimes.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eInstitutional Distribution Rails:\u003c/strong\u003e BitGo integrated Ethena-powered dollar savings for institutional clients, and Kraken went live as the first US exchange to support USDe rewards. The \u003ca href=\"http://LI.FI\" rel=\"noopener nofollow ugc\"\u003eLI.FI\u003c/a\u003e Earn partnership extends Ethena-powered savings into any wallet, app, or fintech.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eMultichain Backing Expansion:\u003c/strong\u003e Plasma scaled from $10M to $450M of liquid backing and MegaETH went live at $300M in its first month, together adding $740M of backing on chains where Ethena had effectively zero exposure entering the period. (See the Liquid Backing Distribution by Chain table for the full breakdown.)\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e\u003ca name=\"p-1111-protocol-risk-metrics-3\" class=\"anchor\" href=\"#p-1111-protocol-risk-metrics-3\" aria-label=\"Heading link\"\u003e\u003c/a\u003eProtocol \u0026amp; Risk Metrics\u003c/h2\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-supply-and-yield-4\" class=\"anchor\" href=\"#p-1111-supply-and-yield-4\" aria-label=\"Heading link\"\u003e\u003c/a\u003eSupply and Yield\u003c/h3\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eAttestation Date\u003c/th\u003e\n\u003cth\u003eUSDe Supply\u003c/th\u003e\n\u003cth\u003eTotal Backing (incl. Reserve Fund)\u003c/th\u003e\n\u003cth\u003eReserve Fund\u003c/th\u003e\n\u003cth\u003eSolvency\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003e27 Feb 2026\u003c/td\u003e\n\u003ctd\u003e$6.07B\u003c/td\u003e\n\u003ctd\u003e$6.07B\u003c/td\u003e\n\u003ctd\u003e$62.03M\u003c/td\u003e\n\u003ctd\u003e101.10%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e6 Mar 2026\u003c/td\u003e\n\u003ctd\u003e$5.97B\u003c/td\u003e\n\u003ctd\u003e$5.97B\u003c/td\u003e\n\u003ctd\u003e$62.01M\u003c/td\u003e\n\u003ctd\u003e101.09%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e13 Mar 2026\u003c/td\u003e\n\u003ctd\u003e$5.92B\u003c/td\u003e\n\u003ctd\u003e$5.93B\u003c/td\u003e\n\u003ctd\u003e$62.01M\u003c/td\u003e\n\u003ctd\u003e101.12%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e20 Mar 2026\u003c/td\u003e\n\u003ctd\u003e$5.92B\u003c/td\u003e\n\u003ctd\u003e$5.93B\u003c/td\u003e\n\u003ctd\u003e$62.00M\u003c/td\u003e\n\u003ctd\u003e101.07%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e27 Mar 2026\u003c/td\u003e\n\u003ctd\u003e$5.92B\u003c/td\u003e\n\u003ctd\u003e$5.93B\u003c/td\u003e\n\u003ctd\u003e$62.01M\u003c/td\u003e\n\u003ctd\u003e101.13%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2 Apr 2026\u003c/td\u003e\n\u003ctd\u003e$5.89B\u003c/td\u003e\n\u003ctd\u003e$5.89B\u003c/td\u003e\n\u003ctd\u003e$62.01M\u003c/td\u003e\n\u003ctd\u003e101.10%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e9 Apr 2026\u003c/td\u003e\n\u003ctd\u003e$5.84B\u003c/td\u003e\n\u003ctd\u003e$5.84B\u003c/td\u003e\n\u003ctd\u003e$62.02M\u003c/td\u003e\n\u003ctd\u003e101.09%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e16 Apr 2026\u003c/td\u003e\n\u003ctd\u003e$5.83B\u003c/td\u003e\n\u003ctd\u003e$5.83B\u003c/td\u003e\n\u003ctd\u003e$62.03M\u003c/td\u003e\n\u003ctd\u003e101.09%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e19 Apr 2026 (post-rsETH)\u003c/td\u003e\n\u003ctd\u003e$5.64B\u003c/td\u003e\n\u003ctd\u003e$5.64B\u003c/td\u003e\n\u003ctd\u003e$62.07M\u003c/td\u003e\n\u003ctd\u003e101.15%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e23 Apr 2026\u003c/td\u003e\n\u003ctd\u003e$3.96B\u003c/td\u003e\n\u003ctd\u003e$3.96B\u003c/td\u003e\n\u003ctd\u003e$62.04M\u003c/td\u003e\n\u003ctd\u003e101.61%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e30 Apr 2026 (end-of-month)\u003c/td\u003e\n\u003ctd\u003e$3.90B\u003c/td\u003e\n\u003ctd\u003e$3.90B\u003c/td\u003e\n\u003ctd\u003e$62.06M\u003c/td\u003e\n\u003ctd\u003e101.63%\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eUSDe Supply:\u003c/strong\u003e Supply tracked broadly sideways between $5.83B–$5.97B from late February through mid-April, then contracted ~$1.93B between the April 16 and April 30 attestations as the post-rsETH redemption window cleared. The bulk of the drawdown was concentrated between April 19 and April 23 (~$1.68B), with supply effectively stabilizing in the final week (–$62M between April 23 and April 30). The mint/redemption contract absorbed the entire window without disruption, and Ethena’s \u003ccode\u003eapprovedAssetsOnly\u003c/code\u003e and \u003ccode\u003edeltaNeutral\u003c/code\u003e attestation flags remained \u003ccode\u003etrue\u003c/code\u003e across every weekly snapshot.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/original/1X/18f2de5f17785af521a94b00c67c720e7710f6eb.png\" data-download-href=\"/uploads/short-url/3yHNMxdb0U1873fNMp4XbleCmGn.png?dl=1\" title=\"image\" rel=\"noopener nofollow ugc\"\u003e\u003cimg src=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/18f2de5f17785af521a94b00c67c720e7710f6eb_2_690x372.png\" alt=\"image\" data-base62-sha1=\"3yHNMxdb0U1873fNMp4XbleCmGn\" width=\"690\" height=\"372\" srcset=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/18f2de5f17785af521a94b00c67c720e7710f6eb_2_690x372.png, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/18f2de5f17785af521a94b00c67c720e7710f6eb_2_1035x558.png 1.5x, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/18f2de5f17785af521a94b00c67c720e7710f6eb_2_1380x744.png 2x\" data-dominant-color=\"E8DFCB\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003eimage\u003c/span\u003e\u003cspan class=\"informations\"\u003e1600×864 65.9 KB\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003esUSDe Supply \u0026amp; Staking Ratio:\u003c/strong\u003e According to Dune (sUSDe contract \u003ccode\u003e0x9D39...3497\u003c/code\u003e), sUSDe supply was \u003cstrong\u003e$1.71B\u003c/strong\u003e at end of April, implying a staking ratio of \u003cstrong\u003e~44.0%\u003c/strong\u003e of USDe supply, down from 57.96% at end of February. Two factors compressed the ratio: (i) the post-rsETH redemption window fell disproportionately on sUSDe positions, and (ii) the move to a 1-day dynamic cooldown reduced the lock-in cost of moving in and out of sUSDe, encouraging more elastic staking behavior at the margin in a softer funding environment.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003esUSDe APY:\u003c/strong\u003e According to the Ethena yield API, sUSDe APY was \u003cstrong\u003e3.50%\u003c/strong\u003e at end of April, down from 3.75% one week earlier. The continued step-down reflects three compounding effects: (i) ongoing softness in BTC and ETH perpetual funding rates that has defined the regime since Q4 2025, (ii) the late-April supply contraction, which mechanically reduces the size of the delta-neutral basis book, and (iii) Aave-side rate dynamics, where USDe borrow and supply rates likely spiked during the leverage unwind in mid-April before normalizing lower as utilization fell. The Aave-rate story has a supporting datapoint: the “Aave liquid leverage” allocation in the fee waterfall fell only ~9% month-over-month (from $2.59M to $2.35M) despite Aave-side TVL contracting ~80%, consistent with elevated rates partially offsetting the position-size reduction during the spike window. The 30-day average sUSDe yield sits at \u003cstrong\u003e3.49%\u003c/strong\u003e and the 90-day average at \u003cstrong\u003e3.50%\u003c/strong\u003e. Headline protocol yield (pre-staking-ratio split) is \u003cstrong\u003e4.07%\u003c/strong\u003e at end of April. sUSDe continues to outperform the Aave USDC lending rate and major savings-rate benchmarks. Forward yield will track funding, the pace of supply recapture, and Aave utilization as redemption pressure abates.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-liquidity-redemptions-5\" class=\"anchor\" href=\"#p-1111-liquidity-redemptions-5\" aria-label=\"Heading link\"\u003e\u003c/a\u003eLiquidity \u0026amp; Redemptions\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eDEX Liquidity:\u003c/strong\u003e Total USDe DEX TVL was \u003cstrong\u003e$135.2M at end of March\u003c/strong\u003e and \u003cstrong\u003e$116.1M at end of April\u003c/strong\u003e, a ~14% decline broadly proportional to the supply contraction. End-April distribution:\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eBy chain:\u003c/strong\u003e Ethereum $84.6M (73%) | Mantle $30.0M (26%) | Plasma $1.5M (1%)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eBy DEX (Ethereum):\u003c/strong\u003e Curve $56.3M | Fluid $16.5M | Uniswap $11.7M\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eLargest pair (Ethereum):\u003c/strong\u003e USDe/frxUSD ~$54.8M, followed by USDe/USDT $20.5M\u003c/li\u003e\n\u003c/ul\u003e\n\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eMint/Redemption Stablecoin Buffer:\u003c/strong\u003e the on-chain immediate-redemption stablecoin buffer held remarkably steady through the rsETH redemption window at \u003cstrong\u003e$92.8M at end-March and $93.1M at end-April\u003c/strong\u003e (USDC ~$31M / USDT ~$31M / USDtb ~$31M / PYUSD ~$5K). The Reserve Fund subcommittee buffer-recommendation framework, the dynamic cooldown’s Tier-1 daily redemption capacity of \u003cstrong\u003e$1.88B at activation\u003c/strong\u003e (7.72× the P99 historical benchmark), and bilateral RFQ redemption channels for institutional flow all combined to absorb the redemption pulse without compromising retail-accessible redemption capacity. Refreshed proof-of-reserves attestations were published in the days following the rsETH incident by Chainlink, Chaos Labs, LlamaRisk, and Harris \u0026amp; Trotter, all confirming USDe collateralization above 100%.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-risk-resilience-metrics-6\" class=\"anchor\" href=\"#p-1111-risk-resilience-metrics-6\" aria-label=\"Heading link\"\u003e\u003c/a\u003eRisk \u0026amp; Resilience Metrics\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eSolvency:\u003c/strong\u003e \u003cstrong\u003e101.61%\u003c/strong\u003e at the most recent published April 23 attestation, with the full series sitting in a tight 101.07%–101.61% band across the two months. Solvency mechanically improved during the redemption wave because supply contracted faster than backing.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eReserve Fund:\u003c/strong\u003e \u003cstrong\u003e$62.04M\u003c/strong\u003e at the April 23 attestation (composed of $41.98M in USDtb and $20.02M in a USDtb/USDC LP position), virtually unchanged from $62.03M at end of February. The Reserve Fund was not drawn during the redemption wave; the immediate-redemption stablecoin buffer at the mint/redemption contract carried the load. The April 8 Reserve Fund subcommittee update (jointly authored by LlamaRisk and Blockworks Advisory) revised the recommended buffer down sharply to ~$7M (LlamaRisk Conservative), ~$5M (LlamaRisk Moderate), and ~$6.3M (Blockworks Advisory), reflecting the structural decline in perp-futures exposure as USDe TVL contracted from ~$6.5B. The fund is now roughly \u003cstrong\u003e9x overcapitalized\u003c/strong\u003e versus current tail-risk requirements, prompting a recommendation to redirect future USDtb interest earnings (~$42M accrued over four months) to sUSDe holders, with future interest continuing to flow to stakers as long as reserves exceed 2× the highest estimate (~$14M threshold).\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003e\u003cstrong\u003eCollateral Composition:\u003c/strong\u003e The structural shift toward non-perp backing continued across both months. On April 18, Ethena refreshed the public taxonomy from two buckets (Crypto Basis vs. Liquid Cash) to four (Crypto Basis, Liquid Stables, DeFi Lending, Institutional Lending), providing better visibility into non-crypto-basis backing.\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eBucket\u003c/th\u003e\n\u003cth\u003eEnd-March (old taxonomy)\u003c/th\u003e\n\u003cth\u003eEnd-April (new taxonomy)\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eCrypto Basis\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e$670.6M (11.4%)\u003c/td\u003e\n\u003ctd\u003e$519.3M (13.3%)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eLiquid Stables\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cem\u003e(part of Liquid Cash)\u003c/em\u003e\u003c/td\u003e\n\u003ctd\u003e$2.24B (57.2%)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eDeFi Lending\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cem\u003e(part of Liquid Cash)\u003c/em\u003e\u003c/td\u003e\n\u003ctd\u003e$1.15B (29.3%)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eInstitutional Lending\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cem\u003e(not yet live)\u003c/em\u003e\u003c/td\u003e\n\u003ctd\u003e$10M (0.3%)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cem\u003eLiquid Cash (combined, old basis)\u003c/em\u003e\u003c/td\u003e\n\u003ctd\u003e$5.22B (88.6%)\u003c/td\u003e\n\u003ctd\u003e$3.39B (86.7%)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eTotal Backing\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5.89B\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.92B\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003eTwo structural observations: (i) the \u003cstrong\u003eCrypto Basis share rose\u003c/strong\u003e from 11.4% → 13.3% even as absolute basis-trade notional fell from $670M → $527M, because liquid stables drew down faster during the rsETH redemption window; (ii) \u003cstrong\u003eInstitutional Lending is a brand-new category\u003c/strong\u003e at $10M, reflecting the first deployments under the Anchorage / Maple / Coinbase Asset Management direct-lending agreements approved in April.\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/original/1X/46c483fef18109994bed579f2e13cc65ac921223.png\" data-download-href=\"/uploads/short-url/a62sfDHtCo9acfGs1UK7peljysr.png?dl=1\" title=\"image\" rel=\"noopener nofollow ugc\"\u003e\u003cimg src=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/46c483fef18109994bed579f2e13cc65ac921223_2_690x372.png\" alt=\"image\" data-base62-sha1=\"a62sfDHtCo9acfGs1UK7peljysr\" width=\"690\" height=\"372\" srcset=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/46c483fef18109994bed579f2e13cc65ac921223_2_690x372.png, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/46c483fef18109994bed579f2e13cc65ac921223_2_1035x558.png 1.5x, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/46c483fef18109994bed579f2e13cc65ac921223_2_1380x744.png 2x\" data-dominant-color=\"DCD3BC\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003eimage\u003c/span\u003e\u003cspan class=\"informations\"\u003e1600×864 59.7 KB\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eCrypto Basis Composition:\u003c/strong\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eEnd-March:\u003c/strong\u003e ETH (incl. WBETH/mETH/stETH) $431.6M (64% of basis) | BTC $220.8M (33%) | BNB $13.7M (2%) | XRP $2.4M | SOL $2.1M\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eEnd-April:\u003c/strong\u003e ETH $392.7M (74% of basis) | BTC $116.8M (22%) | BNB $13.7M (3%) | XRP $2.4M | SOL $2.1M\u003c/li\u003e\n\u003cli\u003eBTC notional contracted ~47% over the period; ETH notional only ~9%, leaving the basis book more ETH-concentrated heading into May.\u003c/li\u003e\n\u003c/ul\u003e\n\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eDelta-Neutral Venue Mix (% of crypto-basis exchange positions, ex-liquid cash held at custodians):\u003c/strong\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eEnd-March:\u003c/strong\u003e Binance 60.4% | OKX 16.1% | Bybit 13.0% | Deribit 7.3% | Coinbase International 3.2%\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eEnd-April:\u003c/strong\u003e Binance 63.3% | Bybit 14.6% | Deribit 9.3% | OKX 8.8% | Coinbase International 4.0%\u003c/li\u003e\n\u003cli\u003eBinance retained dominance through the redemption wave; the most notable shift was the OKX-to-Bybit rotation as part of the basis-book rebalance.\u003c/li\u003e\n\u003c/ul\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e\u003ca name=\"p-1111-ecosystem-expansion-integrations-7\" class=\"anchor\" href=\"#p-1111-ecosystem-expansion-integrations-7\" aria-label=\"Heading link\"\u003e\u003c/a\u003eEcosystem Expansion \u0026amp; Integrations\u003c/h2\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-april-highlights-8\" class=\"anchor\" href=\"#p-1111-april-highlights-8\" aria-label=\"Heading link\"\u003e\u003c/a\u003eApril Highlights\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eUSDe Backing Diversification Announced:\u003c/strong\u003e Ethena announced a four-part diversification of USDe backing covering direct institutional lending (Anchorage Digital, Maple Institutional, Coinbase Asset Management), expanded RWA exposure beyond tokenized Treasuries, extension of the delta-neutral framework into equity and commodity perpetuals (see our Tokenized Gold proposal below), and prime lending to trading firms. Off-chain lending exposure will flow through the transparency dashboard and proof-of-reserves reporting. (See Key Takeaways and Governance Activity for proposal-level detail.)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAave on MegaETH (USDe Listed):\u003c/strong\u003e USDe was listed on Aave’s MegaETH instance, extending Ethena’s footprint within the Aave ecosystem after March’s V4 Spokes launch.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eKraken: First US Exchange Live with USDe Rewards:\u003c/strong\u003e Kraken officially became the first US exchange to support Ethena rewards on USDe.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eBitGo Institutional Dollar Savings:\u003c/strong\u003e BitGo integrated Ethena-powered dollar savings into its institutional offering, opening a regulated custody-grade savings rail for institutional clients.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003e\u003ca href=\"http://LI.FI\" rel=\"noopener nofollow ugc\"\u003eLI.FI\u003c/a\u003e Earn Partnership:\u003c/strong\u003e Ethena partnered with \u003ca href=\"http://LI.FI\" rel=\"noopener nofollow ugc\"\u003eLI.FI\u003c/a\u003e on \u003cstrong\u003e\u003ca href=\"http://LI.FI\" rel=\"noopener nofollow ugc\"\u003eLI.FI\u003c/a\u003e Earn\u003c/strong\u003e, a new product enabling any wallet, app, or fintech to embed onchain savings for their users. This complements the March LiFi Composer integration (single-transaction vault access).\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003ePendle Full-Range Pool Refresh:\u003c/strong\u003e New Ethena pools launched on Pendle across the full range of Ethena assets.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eOrigami Vault Launch:\u003c/strong\u003e Origami launched a new vault built on Ethena assets.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003e3Jane Money Market:\u003c/strong\u003e 3Jane added Ethena assets to its credit-based money market.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003e$BASED Claiming Live for sENA Holders:\u003c/strong\u003e Following BasedOneX’s March confirmation of an sENA allocation, the $BASED claim went live for all eligible sENA holders in April.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003e\u003cspan class=\"mention\"\u003e@re\u003c/span\u003e Distributed $4M to reUSD / reUSDe Holders:\u003c/strong\u003e \u003cspan class=\"mention\"\u003e@re\u003c/span\u003e passed $4M in cumulative rewards distributed to reUSD and reUSDe holders in under a year.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eEthereal Predict (USDe-Native Prediction Market, Alpha):\u003c/strong\u003e Ethereal began alpha testing Ethereal Predict, a USDe-native prediction market venue.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003ersETH Incident: Operated Without Disruption:\u003c/strong\u003e On the operational side of the rsETH incident, Ethena paused the LayerZero OFT bridge for sUSDe and USDe on April 19–20 and restored it with the DVN configuration hardened from 2/2 to 4/4 while retaining the $10M/hour rate limit. Refreshed proofs-of-reserves with four independent verifiers (Chainlink, Chaos Labs, LlamaRisk, Harris \u0026amp; Trotter) were published in parallel. Ethena also contributed to the DeFi United coalition recovery effort alongside EtherFi and Lido (14,570 ETH collectively pledged). See Key Takeaways for the protocol-level resilience summary.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eOur Proposals: Whitelabel-in-Backing and Tokenized Gold:\u003c/strong\u003e Full descriptions live in the Governance Activity section below. Headline: on April 14 we proposed routing USDtb-backed Whitelabel stablecoins (jupUSD, USDm) into USDe’s backing portfolio, and on April 16 we proposed adding PAXG and XAUT as basis-trade assets under a new Commodity OI Threshold Framework.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eLlamaRisk MLA Review Framework (April 14) and CBAM Review (April 15):\u003c/strong\u003e LlamaRisk published its Master Loan Agreement review framework for institutional lending partners, organized around four pillars: (i) counterparty due diligence, (ii) collateral and custody mechanics, (iii) credit/default/enforcement, and (iv) operational reporting and governance. The follow-up legal review of the \u003cstrong\u003eCoinbase US Bitcoin Yield Fund (CBAM)\u003c/strong\u003e MLA endorsed Risk Committee approval, citing a tri-party custody structure where collateral is held by an OCC-chartered institution under an Account Control Agreement granting Ethena first-priority security interest. LlamaRisk characterised this as the strongest protective framework among the three institutional lending agreements evaluated.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eEthena Labs Hiring:\u003c/strong\u003e New roles opened at \u003ca href=\"http://ethena.fi/careers\" rel=\"noopener nofollow ugc\"\u003eethena.fi/careers\u003c/a\u003e across protocol, compliance, and enterprise integration.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-march-highlights-9\" class=\"anchor\" href=\"#p-1111-march-highlights-9\" aria-label=\"Heading link\"\u003e\u003c/a\u003eMarch Highlights\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eKraken USDe Rewards (First US Exchange, Announcement Phase):\u003c/strong\u003e Kraken announced support for USDe rewards in March, with the full live launch following in April (first US exchange to offer Ethena-powered savings).\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eDedicated Aave V4 Environment with Two Spokes:\u003c/strong\u003e Ethena launched a dedicated ecosystem environment on Aave V4 with two Spokes, more than any other ecosystem on V4 at launch. Aave’s MegaETH instance listing followed in April.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003ePrivy Wallet Integration:\u003c/strong\u003e Privy embedded Ethena-powered savings into its wallet infrastructure, making USDe accessible to 120m+ Privy-managed accounts.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eWalletConnect Pay:\u003c/strong\u003e Ethena went live on WalletConnect Pay, enabling merchants to accept USDe at checkout.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eUSDe-Native Perp DEX Growth:\u003c/strong\u003e Ethereal crossed \u003cstrong\u003e$120M\u003c/strong\u003e in open interest backed by USDe, and HyENA crossed \u003cstrong\u003e$3B\u003c/strong\u003e in cumulative trading volume. Over $2M in USDe rewards were distributed to traders on Ethereal and HyENA combined during the month.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eWhitelabel Supply Crosses $150M (initial mark):\u003c/strong\u003e Total Ethena Whitelabel stablecoin supply crossed $150M across the three native stablecoin partners.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eBasedOneX sENA Allocation Confirmed:\u003c/strong\u003e BasedOneX confirmed that a portion of their token supply will go to sENA holders. ($BASED claiming went live for eligible sENA holders the following month.)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003esUSDe Unstaking Reduced from 7d → 1d:\u003c/strong\u003e Ethena reduced the sUSDe unstaking cooldown from 7 days to 1 day, reflecting the current liquid-stables-dominated backing composition.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eCompound V3 Collateral:\u003c/strong\u003e USDe was added as collateral on Compound V3.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eLista DAO Fixed-Rate PT-sUSDe Borrowing:\u003c/strong\u003e Lista DAO added fixed-rate borrowing for PT-sUSDe against USD1 and U.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eKappaLab / Wildcat Open-Term USDe Market:\u003c/strong\u003e KappaLab listed an open-term USDe market on Wildcat with up to 1M USDe capacity at 10% APR.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eHyperion and \u003ca href=\"http://Goblin.fi\" rel=\"noopener nofollow ugc\"\u003eGoblin.fi\u003c/a\u003e Incentives:\u003c/strong\u003e Ethena rolled out incentive programs on Hyperion and \u003ca href=\"http://Goblin.fi\" rel=\"noopener nofollow ugc\"\u003eGoblin.fi\u003c/a\u003e.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eLiFi Composer Integration:\u003c/strong\u003e Single-transaction access to Ethena vaults from any chain via LiFi Composer.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eHTX USDe Learn \u0026amp; Earn:\u003c/strong\u003e Ethena launched a USDe Learn \u0026amp; Earn campaign on HTX Global.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eStrata Markets USDe Pool:\u003c/strong\u003e Strata Markets’ USDe market reached \u003cstrong\u003e$250M\u003c/strong\u003e in TVL.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eDAS Presentation:\u003c/strong\u003e Ethena presented at Blockworks DAS.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eResolv USR Engineering Postmortem:\u003c/strong\u003e Ethena published an engineering blog covering the Resolv USR incident and the architectural decisions in Ethena’s issuance mechanics that prevent similar outcomes.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e\u003ca name=\"p-1111-collateral-defi-footprint-10\" class=\"anchor\" href=\"#p-1111-collateral-defi-footprint-10\" aria-label=\"Heading link\"\u003e\u003c/a\u003eCollateral \u0026amp; DeFi Footprint\u003c/h2\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-liquid-backing-distribution-by-chain-11\" class=\"anchor\" href=\"#p-1111-liquid-backing-distribution-by-chain-11\" aria-label=\"Heading link\"\u003e\u003c/a\u003eLiquid Backing Distribution by Chain\u003c/h3\u003e\n\u003cp\u003eAccording to Ethena’s transparency dashboard, end-of-month deployment of USDe’s liquid backing across chains was as follows:\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eChain\u003c/th\u003e\n\u003cth\u003eEnd-March\u003c/th\u003e\n\u003cth\u003eEnd-April\u003c/th\u003e\n\u003cth\u003eΔ\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eEthereum\u003c/td\u003e\n\u003ctd\u003e$3.34B\u003c/td\u003e\n\u003ctd\u003e$1.40B\u003c/td\u003e\n\u003ctd\u003e−$1.94B\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePlasma\u003c/td\u003e\n\u003ctd\u003e$9.8M\u003c/td\u003e\n\u003ctd\u003e$450.3M\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+$440.5M\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMantle\u003c/td\u003e\n\u003ctd\u003e$283.2M\u003c/td\u003e\n\u003ctd\u003e$185.8M\u003c/td\u003e\n\u003ctd\u003e−$97.4M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBase\u003c/td\u003e\n\u003ctd\u003e$221.5M\u003c/td\u003e\n\u003ctd\u003e$252.3M\u003c/td\u003e\n\u003ctd\u003e+$30.8M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInk\u003c/td\u003e\n\u003ctd\u003e$50.0M\u003c/td\u003e\n\u003ctd\u003e~$0\u003c/td\u003e\n\u003ctd\u003e−$50.0M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMegaETH (new)\u003c/td\u003e\n\u003ctd\u003e$0\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$300.0M\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e+$300.0M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOther chains / off-chain\u003c/td\u003e\n\u003ctd\u003e$1.25B\u003c/td\u003e\n\u003ctd\u003e$612.1M\u003c/td\u003e\n\u003ctd\u003e−$641.4M\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003eThe headline read-throughs: Ethereum-held backing absorbed the bulk of the rsETH redemption window; Plasma and MegaETH emerged as the new growth surfaces; Base remained resilient; and roughly half a billion of off-chain / “other” balance was rotated on-chain.\u003c/p\u003e\n\u003cp\u003e\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/original/1X/7d2794f359b7f5959ba518e6ed5cfdcffeca2718.png\" data-download-href=\"/uploads/short-url/hRaudXIzBhrGFWBBD6tzbR7jAp2.png?dl=1\" title=\"image\" rel=\"noopener nofollow ugc\"\u003e\u003cimg src=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/7d2794f359b7f5959ba518e6ed5cfdcffeca2718_2_690x372.png\" alt=\"image\" data-base62-sha1=\"hRaudXIzBhrGFWBBD6tzbR7jAp2\" width=\"690\" height=\"372\" srcset=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/7d2794f359b7f5959ba518e6ed5cfdcffeca2718_2_690x372.png, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/7d2794f359b7f5959ba518e6ed5cfdcffeca2718_2_1035x558.png 1.5x, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/7d2794f359b7f5959ba518e6ed5cfdcffeca2718_2_1380x744.png 2x\" data-dominant-color=\"DFD7C4\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003eimage\u003c/span\u003e\u003cspan class=\"informations\"\u003e1600×864 70.9 KB\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-liquid-backing-composition-12\" class=\"anchor\" href=\"#p-1111-liquid-backing-composition-12\" aria-label=\"Heading link\"\u003e\u003c/a\u003eLiquid Backing Composition\u003c/h3\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eComponent\u003c/th\u003e\n\u003cth\u003eEnd-March\u003c/th\u003e\n\u003cth\u003eEnd-April\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eBlue-chip stables (USDC/USDT/PYUSD)\u003c/td\u003e\n\u003ctd\u003e$2.49B\u003c/td\u003e\n\u003ctd\u003e$1.00B\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDeFi lending positions (loans)\u003c/td\u003e\n\u003ctd\u003e$914M\u003c/td\u003e\n\u003ctd\u003e$1.38B\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEthena USDtb\u003c/td\u003e\n\u003ctd\u003e$498M\u003c/td\u003e\n\u003ctd\u003e$205M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOther / off-chain custody\u003c/td\u003e\n\u003ctd\u003e$1.25B\u003c/td\u003e\n\u003ctd\u003e$612M\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003eDeFi lending positions \u003cstrong\u003egrew $466M in absolute terms\u003c/strong\u003e while every other liquid-backing category contracted, reflecting the deliberate rotation toward yield-bearing on-chain credit (Aave / Morpho / Fluid) as funding rates compressed.\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-aave-all-instances-combined-13\" class=\"anchor\" href=\"#p-1111-aave-all-instances-combined-13\" aria-label=\"Heading link\"\u003e\u003c/a\u003eAave (All Instances Combined)\u003c/h3\u003e\n\u003cp\u003eEthena-related TVL across all Aave markets (Core V3, V4 Spokes, and the MegaETH instance) contracted from \u003cstrong\u003e$2.63B at end-March to $541.5M at end-April\u003c/strong\u003e.\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMarket\u003c/th\u003e\n\u003cth\u003eEnd-March TVL\u003c/th\u003e\n\u003cth\u003eEnd-April TVL\u003c/th\u003e\n\u003cth\u003eΔ\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eUSDe\u003c/td\u003e\n\u003ctd\u003e$1,178.3M\u003c/td\u003e\n\u003ctd\u003e$199.1M\u003c/td\u003e\n\u003ctd\u003e−$979M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003esUSDe\u003c/td\u003e\n\u003ctd\u003e$797.4M\u003c/td\u003e\n\u003ctd\u003e$224.3M\u003c/td\u003e\n\u003ctd\u003e−$573M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePT-sUSDe-7MAY2026\u003c/td\u003e\n\u003ctd\u003e$482.7M\u003c/td\u003e\n\u003ctd\u003e$117.7M\u003c/td\u003e\n\u003ctd\u003e−$365M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePT-srUSDe-2APR2026\u003c/td\u003e\n\u003ctd\u003e$172.1M\u003c/td\u003e\n\u003ctd\u003e\u003cem\u003eexpired\u003c/em\u003e\u003c/td\u003e\n\u003ctd\u003e−$172M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eeUSDe / other PTs\u003c/td\u003e\n\u003ctd\u003e$0.5M\u003c/td\u003e\n\u003ctd\u003e$0.5M\u003c/td\u003e\n\u003ctd\u003eflat\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eTotal Aave Ethena-related TVL\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2,631M\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$541.5M\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e−$2,089M\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003eThe contraction reflects two compounding forces: (i) the April 2 expiry of the PT-srUSDe-2APR2026 maturity (≈$172M), and (ii) the post-rsETH leverage-loop unwinding which drove USDe and sUSDe direct supply down ~83% and ~72% respectively. Despite the supply contraction, USDe-related markets remained Aave’s largest stablecoin collateral category.\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-morpho-14\" class=\"anchor\" href=\"#p-1111-morpho-14\" aria-label=\"Heading link\"\u003e\u003c/a\u003eMorpho\u003c/h3\u003e\n\u003cp\u003eEthena-related TVL on Morpho was the most resilient venue, holding \u003cstrong\u003ebroadly flat at ~$225–235M\u003c/strong\u003e across the period:\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMarket\u003c/th\u003e\n\u003cth\u003eEnd-March TVL\u003c/th\u003e\n\u003cth\u003eEnd-April TVL\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003esUSDe (collateral)\u003c/td\u003e\n\u003ctd\u003e$225.5M\u003c/td\u003e\n\u003ctd\u003e$210.4M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePT-sUSDe-7MAY2026 (collateral)\u003c/td\u003e\n\u003ctd\u003e$0.8M\u003c/td\u003e\n\u003ctd\u003e$12.2M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePT-sUSDe-15JAN2026 (collateral)\u003c/td\u003e\n\u003ctd\u003e$2.9M\u003c/td\u003e\n\u003ctd\u003e$2.9M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePT-srUSDe-2APR2026 (collateral)\u003c/td\u003e\n\u003ctd\u003e$3.8M\u003c/td\u003e\n\u003ctd\u003e\u003cem\u003eexpired\u003c/em\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ejrUSDe / eUSDe / others\u003c/td\u003e\n\u003ctd\u003e$0.7M\u003c/td\u003e\n\u003ctd\u003e$0.4M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eTotal Morpho Ethena-related TVL\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e~$234M\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e~$226M\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cblockquote\u003e\n\u003cp\u003e\u003cem\u003eMorpho’s resilience versus Aave’s contraction reflects different user bases: Morpho’s Ethena exposure is more dominated by passive vault depositors with longer holding horizons, while Aave’s was more leveraged-loop oriented and unwound faster under the rsETH redemption window.\u003c/em\u003e\u003c/p\u003e\n\u003c/blockquote\u003e\n\u003cp\u003e\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/original/1X/248e0de12dae1f4e38e544aeb78b5b5420c8ce00.png\" data-download-href=\"/uploads/short-url/5dnxoJARX4IYDqHSPOb2CPXNcLC.png?dl=1\" title=\"image\" rel=\"noopener nofollow ugc\"\u003e\u003cimg src=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/248e0de12dae1f4e38e544aeb78b5b5420c8ce00_2_690x372.png\" alt=\"image\" data-base62-sha1=\"5dnxoJARX4IYDqHSPOb2CPXNcLC\" width=\"690\" height=\"372\" srcset=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/248e0de12dae1f4e38e544aeb78b5b5420c8ce00_2_690x372.png, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/248e0de12dae1f4e38e544aeb78b5b5420c8ce00_2_1035x558.png 1.5x, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/248e0de12dae1f4e38e544aeb78b5b5420c8ce00_2_1380x744.png 2x\" data-dominant-color=\"D5D1BD\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003eimage\u003c/span\u003e\u003cspan class=\"informations\"\u003e1600×864 57.4 KB\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-pendle-15\" class=\"anchor\" href=\"#p-1111-pendle-15\" aria-label=\"Heading link\"\u003e\u003c/a\u003ePendle\u003c/h3\u003e\n\u003cp\u003eEthena-related TVL across all Pendle markets contracted from \u003cstrong\u003e$1.20B at end-March to $537.4M at end-April\u003c/strong\u003e, a ~55% decline. The bulk of the drop reflects the April 9 expiry of the dominant Plasma-side sUSDe maturity (which had peaked at $657M end-March), with capital partially rotating into the newly-listed sUSDe 18 Jun 2026 maturity on Plasma.\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMarket\u003c/th\u003e\n\u003cth\u003eChain\u003c/th\u003e\n\u003cth\u003eEnd-March TVL\u003c/th\u003e\n\u003cth\u003eEnd-April TVL\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003esUSDe 09 Apr 2026\u003c/td\u003e\n\u003ctd\u003ePlasma\u003c/td\u003e\n\u003ctd\u003e$657.1M\u003c/td\u003e\n\u003ctd\u003e\u003cem\u003eexpired\u003c/em\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003esUSDe 06 May 2026\u003c/td\u003e\n\u003ctd\u003eEthereum\u003c/td\u003e\n\u003ctd\u003e$532.1M\u003c/td\u003e\n\u003ctd\u003e$220.1M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003esUSDe 18 Jun 2026 (new)\u003c/td\u003e\n\u003ctd\u003ePlasma\u003c/td\u003e\n\u003ctd\u003e\u003cem\u003enot yet listed\u003c/em\u003e\u003c/td\u003e\n\u003ctd\u003e$316.6M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003esUSDe 05 Feb 2026\u003c/td\u003e\n\u003ctd\u003eEthereum\u003c/td\u003e\n\u003ctd\u003e$11.3M\u003c/td\u003e\n\u003ctd\u003e\u003cem\u003eexpired\u003c/em\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOther (srUSDe, tUSDe, USDe)\u003c/td\u003e\n\u003ctd\u003eEthereum\u003c/td\u003e\n\u003ctd\u003e$1.7M\u003c/td\u003e\n\u003ctd\u003e$0.7M\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eTotal Ethena-related Pendle TVL\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.20B\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$537.4M\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003eAccording to the Pendle PT-yield series at end-April, implied PT yield on the new sUSDe 18 Jun 2026 (Plasma) market is approximately \u003cstrong\u003e4.2% APY\u003c/strong\u003e, consistent with the broader compression in funding rates over the period.\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-compound-v3-16\" class=\"anchor\" href=\"#p-1111-compound-v3-16\" aria-label=\"Heading link\"\u003e\u003c/a\u003eCompound V3\u003c/h3\u003e\n\u003cp\u003eUSDe was onboarded as collateral on Compound V3 in March, broadening Ethena’s lending-market presence beyond Aave and Morpho. Compound-side deposits are not yet a material share of aggregate Ethena-related DeFi TVL relative to the Aave / Pendle / Morpho footprint, but the listing is a structural unlock for borrowers underwriting USDe-collateralized positions on a third major lending venue.\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-usde-native-perps-17\" class=\"anchor\" href=\"#p-1111-usde-native-perps-17\" aria-label=\"Heading link\"\u003e\u003c/a\u003eUSDe-Native Perps\u003c/h3\u003e\n\u003cp\u003e\u003cstrong\u003eEthereal (USDe TVL bridged in, margin capital):\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c/th\u003e\n\u003cth\u003eEnd-March\u003c/th\u003e\n\u003cth\u003eEnd-April\u003c/th\u003e\n\u003cth\u003eΔ\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal balance USD (USDe TVL)\u003c/td\u003e\n\u003ctd\u003e$52.25M\u003c/td\u003e\n\u003ctd\u003e$38.32M\u003c/td\u003e\n\u003ctd\u003e−$13.9M\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003eUSDe deposited as margin contracted ~27% over the month, broadly consistent with the wider deleveraging during the rsETH redemption window. The March recap had referenced Ethereal crossing \u003cstrong\u003e$120M+ in open interest backed by USDe\u003c/strong\u003e (a leveraged position-size metric distinct from bridge TVL). The April alpha launch of Ethereal Predict (a USDe-native prediction market venue) added a new product surface that is not yet reflected in TVL but extends the USDe-margin franchise.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHyENA (open interest \u0026amp; volume):\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c/th\u003e\n\u003cth\u003eEnd-March\u003c/th\u003e\n\u003cth\u003eEnd-April\u003c/th\u003e\n\u003cth\u003eΔ\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eOpen interest (USD)\u003c/td\u003e\n\u003ctd\u003e$52.5M\u003c/td\u003e\n\u003ctd\u003e$53.0M\u003c/td\u003e\n\u003ctd\u003eflat\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMonthly trading volume\u003c/td\u003e\n\u003ctd\u003e$1.01B\u003c/td\u003e\n\u003ctd\u003e$514M\u003c/td\u003e\n\u003ctd\u003e−49%\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCumulative volume (since inception)\u003c/td\u003e\n\u003ctd\u003e$3.10B\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.62B\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e+$520M\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003eHyENA’s OI was effectively flat across the period despite the broader basis-book contraction, a sign that USDe-margin demand on the venue remained sticky. Monthly volume halved versus March (consistent with industry-wide deleveraging during the rsETH redemption window), but cumulative volume crossed $3.62B by end-April, building on the $3B milestone celebrated in Ethena’s March recap. End-April OI composition skewed toward BTC ($38.9M, 73%) and ETH ($7.4M, 14%), with HYPE, ZEC, SOL, and others making up the remainder.\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-1111-governance-activity-18\" class=\"anchor\" href=\"#p-1111-governance-activity-18\" aria-label=\"Heading link\"\u003e\u003c/a\u003eGovernance Activity\u003c/h2\u003e\n\u003cp\u003eThe Risk Committee remained active across both months, with workstreams covering the dynamic cooldown, direct institutional lending partnerships, Whitelabel stables in backing, and the rsETH incident response.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eDynamic sUSDe Cooldown Period (Activated March):\u003c/strong\u003e Replaces the static 7-day unstaking with a dynamic 1/3/5/7-day model, anchored to a tiered liquidity framework: Tier 1 (USDC, USDT, PYUSD, mint/redeem balances) settling in 1 day; Tier 2 (sDAI, sUSDS, lending positions, most USDtb) in 2 days; Tier 3 (Morpho vaults) in 5 days. P99 historical redemption coverage benchmarks of 4.1% (1d), 9.2% (3d), and 12.0% (7d) are applied with a 1.5x safety multiplier. At activation, Tier 1 coverage was 7.72x and the recommended cooldown was 1 day. (\u003ca href=\"https://gov.ethenafoundation.com/t/proposal-adopt-a-dynamic-cooldown-period-for-susde-unstaking/759\"\u003eForum link\u003c/a\u003e)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eMaple and Anchorage Digital as Direct Lending Partners (Posted March):\u003c/strong\u003e Establishes Maple Institutional (Protocol Pool Operations Alpha LLC, Delaware) and Anchorage Digital (A1, Ltd., Cayman; OCC-chartered) as direct lending venues for USDe-backing stablecoins. Coinbase Asset Management was added in the broader April announcement. Off-chain lending exposure is integrated into proof-of-reserves and the transparency dashboard, with future partners requiring separate Risk Committee proposals. (\u003ca href=\"https://gov.ethenafoundation.com/t/proposal-maple-and-anchorage-digital-as-direct-lending-partners/756\"\u003eForum link\u003c/a\u003e)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eHolding Whitelabel Stablecoin Assets in USDe Backing (Posted April 14, our proposal):\u003c/strong\u003e Frames Whitelabel stables backed by USDtb as economically equivalent to direct USDtb holdings; routes the resulting USDtb yield to sUSDe holders; introduces concentration guardrails on Whitelabel allocations and attestation timeliness. (\u003ca href=\"https://gov.ethenafoundation.com/t/proposal-holding-whitelabel-stablecoin-assets-in-usde-backing/777\"\u003eForum link\u003c/a\u003e)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eExpand USDe Backing with Tokenized Gold (PAXG and XAUT, Posted April 16, our proposal):\u003c/strong\u003e Argues that tokenized gold’s structural funding-rate dynamics (driven by central-bank purchases, ETF flows, and Tether’s monthly $1B gold purchases for reserves) justify inclusion as a backing asset with near-zero correlation to crypto carry. Establishes asset-specific approval (PAXG: immediate; XAUT: with monitoring) and a new Commodity OI Threshold Framework. (\u003ca href=\"https://gov.ethenafoundation.com/t/proposal-expand-usde-backing-with-tokenized-gold-paxg-xaut/779\"\u003eForum link\u003c/a\u003e)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eLlamaRisk: MLA Review Criteria for Institutional Lending Partners (Posted April 14):\u003c/strong\u003e Sets a four-pillar review framework (counterparty diligence; collateral \u0026amp; custody mechanics; credit/default/enforcement; operational reporting \u0026amp; governance) used by LlamaRisk to evaluate Master Loan Agreements with direct lending counterparties. (\u003ca href=\"https://gov.ethenafoundation.com/t/llamarisk-mla-review-criteria-for-ethena-institutional-lending-partners/776\"\u003eForum link\u003c/a\u003e)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eLlamaRisk: Legal Review of CBAM MLA (Posted April 15):\u003c/strong\u003e Endorses Risk Committee approval of the Coinbase US Bitcoin Yield Fund Master Loan Agreement; characterised as the strongest protective framework among the three reviewed institutional lending agreements, with no amendments recommended. (\u003ca href=\"https://gov.ethenafoundation.com/t/llamarisk-legal-review-of-cbam-mla/778\"\u003eForum link\u003c/a\u003e)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eReserve Fund: March 2026 Update (Posted April 8):\u003c/strong\u003e Joint LlamaRisk + Blockworks Advisory subcommittee analysis. Reduces the buffer recommendation in line with USDe TVL contraction and lower perp-futures exposure, and proposes redirecting accrued and future USDtb interest to sUSDe holders subject to a 2× safety floor. (See Risk \u0026amp; Resilience Metrics for the numbers.) (\u003ca href=\"https://gov.ethenafoundation.com/t/reserve-fund-march-2026-update/775\"\u003eForum link\u003c/a\u003e)\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003ersETH Coalition Contribution:\u003c/strong\u003e Ethena’s contribution to the DeFi United 14,570 ETH pledge (alongside EtherFi and Lido) was coordinated through the Risk Committee’s incident-response workflow rather than as a standalone proposal.\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eRisk Committee Working Items:\u003c/strong\u003e parameter work toward a protocol fee switch to ENA stakeholders, ongoing review of additional institutional lending partners, and follow-on analysis on the dynamic-cooldown framework after one full month of live operation.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e\u003ca name=\"p-1111-monthly-revenue-19\" class=\"anchor\" href=\"#p-1111-monthly-revenue-19\" aria-label=\"Heading link\"\u003e\u003c/a\u003eMonthly Revenue\u003c/h2\u003e\n\u003cp\u003eMonthly protocol revenue held steady through the period, and in fact ticked slightly higher in April despite the supply contraction.\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMonth\u003c/th\u003e\n\u003cth\u003eUSDtb interest income\u003c/th\u003e\n\u003cth\u003eUSDe revenue\u003c/th\u003e\n\u003cth\u003e\u003cstrong\u003eTotal revenue\u003c/strong\u003e\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eJanuary 2026\u003c/td\u003e\n\u003ctd\u003e$2.45M\u003c/td\u003e\n\u003ctd\u003e$27.37M\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$29.82M\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFebruary 2026\u003c/td\u003e\n\u003ctd\u003e$2.37M\u003c/td\u003e\n\u003ctd\u003e$18.83M\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$21.20M\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eMarch 2026\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.72M\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18.76M\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$21.49M\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eApril 2026\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.47M\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$19.54M\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$22.01M\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003e\u003cstrong\u003eAnnualized revenue run-rate (trailing 30-day basis) was $221M at end-March and $234M at end-April\u003c/strong\u003e, a slight acceleration despite the late-April supply contraction. The implied yield on backing (revenue / backing) compressed less than supply because USDtb interest, DeFi lending yield, and partner-fee-share economics remained intact through the redemption window.\u003c/p\u003e\n\u003cp\u003e\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/original/1X/a96b945994c249214666657ac7a8fe239f422f90.png\" data-download-href=\"/uploads/short-url/oaLbbRdX42w5OYCeXMphdMj5Ukg.png?dl=1\" title=\"image\" rel=\"noopener nofollow ugc\"\u003e\u003cimg src=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/a96b945994c249214666657ac7a8fe239f422f90_2_690x372.png\" alt=\"image\" data-base62-sha1=\"oaLbbRdX42w5OYCeXMphdMj5Ukg\" width=\"690\" height=\"372\" srcset=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/a96b945994c249214666657ac7a8fe239f422f90_2_690x372.png, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/a96b945994c249214666657ac7a8fe239f422f90_2_1035x558.png 1.5x, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/a96b945994c249214666657ac7a8fe239f422f90_2_1380x744.png 2x\" data-dominant-color=\"BABDA2\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003eimage\u003c/span\u003e\u003cspan class=\"informations\"\u003e1600×864 55.7 KB\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-1111-usde-fee-allocation-20\" class=\"anchor\" href=\"#p-1111-usde-fee-allocation-20\" aria-label=\"Heading link\"\u003e\u003c/a\u003eUSDe Fee Allocation\u003c/h3\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eAllocation Bucket\u003c/th\u003e\n\u003cth\u003eMarch 2026\u003c/th\u003e\n\u003cth\u003eApril 2026\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003esUSDe staking yield\u003c/td\u003e\n\u003ctd\u003e$10.39M (55.4%)\u003c/td\u003e\n\u003ctd\u003e$9.82M (50.3%)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePartner payout\u003c/td\u003e\n\u003ctd\u003e$5.71M (30.4%)\u003c/td\u003e\n\u003ctd\u003e$7.04M (36.0%)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAave liquid leverage program\u003c/td\u003e\n\u003ctd\u003e$2.59M (13.8%)\u003c/td\u003e\n\u003ctd\u003e$2.35M (12.0%)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMint fees\u003c/td\u003e\n\u003ctd\u003e$0.08M (0.4%)\u003c/td\u003e\n\u003ctd\u003e$0.33M (1.7%)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReserve Fund\u003c/td\u003e\n\u003ctd\u003e$0\u003c/td\u003e\n\u003ctd\u003e$0\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eTotal USDe fees\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$18.77M\u003c/strong\u003e\u003c/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$19.54M\u003c/strong\u003e\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003cp\u003eTwo notable shifts versus January/February:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003ePartner payout share rose from 27.9% (Jan/Feb avg) to 36.0% in April\u003c/strong\u003e, reflecting expanded distribution partnerships (Kraken, BitGo, \u003ca href=\"http://LI.FI\" rel=\"noopener nofollow ugc\"\u003eLI.FI\u003c/a\u003e Earn, Whitelabel partners).\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eNo Reserve Fund accruals in either month\u003c/strong\u003e, consistent with the April 8 subcommittee finding that the fund is ~9× overcapitalized; the upcoming proposal would redirect accrued USDtb interest to sUSDe holders rather than reserves.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRevenue composition:\u003c/strong\u003e USDe operations continue to drive ~88% of total revenue, with USDtb interest contributing ~12% on a steady ~$2.5M/month basis. Mint fees remain a small but rising share (0.4% → 1.7%) as April’s $84M+ daily mint volume during the recovery window generated modest fee income.\u003c/p\u003e\n\u003cp\u003e\u003cdiv class=\"lightbox-wrapper\"\u003e\u003ca class=\"lightbox\" href=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/original/1X/6c46906ac090336d5b7dfe02ca6a5bc90e349b03.png\" data-download-href=\"/uploads/short-url/frQKu4bODIVote5JT9JzBKhhlK3.png?dl=1\" title=\"image\" rel=\"noopener nofollow ugc\"\u003e\u003cimg src=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/6c46906ac090336d5b7dfe02ca6a5bc90e349b03_2_690x372.png\" alt=\"image\" data-base62-sha1=\"frQKu4bODIVote5JT9JzBKhhlK3\" width=\"690\" height=\"372\" srcset=\"https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/6c46906ac090336d5b7dfe02ca6a5bc90e349b03_2_690x372.png, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/6c46906ac090336d5b7dfe02ca6a5bc90e349b03_2_1035x558.png 1.5x, https://canada1.discourse-cdn.com/flex003/uploads/ethena/optimized/1X/6c46906ac090336d5b7dfe02ca6a5bc90e349b03_2_1380x744.png 2x\" data-dominant-color=\"D6CBB1\"\u003e\u003cdiv class=\"meta\"\u003e\u003csvg class=\"fa d-icon d-icon-far-image svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#far-image\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003cspan class=\"filename\"\u003eimage\u003c/span\u003e\u003cspan class=\"informations\"\u003e1600×864 66.4 KB\u003c/span\u003e\u003csvg class=\"fa d-icon d-icon-discourse-expand svg-icon\" aria-hidden=\"true\"\u003e\u003cuse href=\"#discourse-expand\"\u003e\u003c/use\u003e\u003c/svg\u003e\u003c/div\u003e\u003c/a\u003e\u003c/div\u003e\u003c/p\u003e\n\u003chr\u003e\n\u003ch2\u003e\u003ca name=\"p-1111-looking-ahead-21\" class=\"anchor\" href=\"#p-1111-looking-ahead-21\" aria-label=\"Heading link\"\u003e\u003c/a\u003eLooking Ahead\u003c/h2\u003e\n\u003cp\u003eThree workstreams will shape the May governance cycle: (i) Risk Committee evaluation of our two backing proposals (Whitelabel-in-backing, tokenized gold), with implementation parameters to be finalized; (ii) the Reserve Fund subcommittee’s recommendation to redirect accrued USDtb interest (~$42M) to sUSDe holders, which would meaningfully alter the fee allocation profile going forward; and (iii) the operational scaling of the direct-lending program, with initial deployments under the Anchorage / Maple / Coinbase Asset Management agreements set to inform the framework for additional institutional counterparties.\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-1111-methodology-data-sources-22\" class=\"anchor\" href=\"#p-1111-methodology-data-sources-22\" aria-label=\"Heading link\"\u003e\u003c/a\u003eMethodology \u0026amp; Data Sources\u003c/h2\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eDomain\u003c/th\u003e\n\u003cth\u003eSource\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eUSDe supply, solvency, Reserve Fund attestations\u003c/td\u003e\n\u003ctd\u003eChaos Labs Proof-of-Reserves API (signed weekly attestations)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003esUSDe APY, protocol yield, 30d/90d averages\u003c/td\u003e\n\u003ctd\u003eEthena yield API\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003esUSDe supply, on-chain token balances\u003c/td\u003e\n\u003ctd\u003eDune Analytics (ERC-20 transfer aggregations)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSystem backing composition, venue mix, liquid cash breakdown, mint/redeem buffer, DEX liquidity\u003c/td\u003e\n\u003ctd\u003eEthena transparency dashboard (Blockworks 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