Total Value Locked$4.568b
TVL by Chain
Ethereum$4.568b
Key Metrics
Fees 30d$16.44m
Fees 30d by chain
Ethereum$16.44m
Fees 7d$4.42m
Ethereum$4.42m
Fees 24h$7,101
Ethereum$7,101
Cumulative Fees$1.07b
Ethereum$1.07b
Revenue 30d$74,554
Revenue 30d by chain
Ethereum$74,554
Revenue 7d$25,668
Ethereum$25,668
Revenue 24h$7,101
Ethereum$7,101
Cumulative Revenue$333.03m
Ethereum$333.03m
Protocol Information
Ethena is a synthetic dollar protocol built on Ethereum
Audits:
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: Staking rewards + yield distribution + mint fees + extra feesView code on GitHubRevenue: Mint Fees and staking rewards portion to Reserve FundView code on GitHubYields
Pools Tracked1
Average Supply APY5.08%
User Activity
Active Addresses (24h)72
Transactions (24h)106
Competitors
Ethena USDe history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Dec 14, 2023 to Oct 27, 2026.
All-time high TVL: $14.831b on Oct 3, 2025. All-time low TVL: $7.01m on Dec 14, 2023.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $4.95b |
| Sep 29, 2026 | $4.905b |
| Sep 30, 2026 | $4.903b |
| Oct 1, 2026 | $4.865b |
| Oct 2, 2026 | $4.902b |
| Oct 3, 2026 | $4.897b |
| Oct 4, 2026 | $4.904b |
| Oct 5, 2026 | $4.91b |
| Oct 6, 2026 | $4.956b |
| Oct 7, 2026 | $4.978b |
| Oct 8, 2026 | $4.889b |
| Oct 9, 2026 | $4.819b |
| Oct 10, 2026 | $4.786b |
| Oct 11, 2026 | $4.761b |
| Oct 12, 2026 | $4.757b |
| Oct 13, 2026 | $4.765b |
| Oct 14, 2026 | $4.763b |
| Oct 15, 2026 | $4.757b |
| Oct 16, 2026 | $4.73b |
| Oct 17, 2026 | $4.71b |
| Oct 18, 2026 | $4.682b |
| Oct 19, 2026 | $4.683b |
| Oct 20, 2026 | $4.676b |
| Oct 21, 2026 | $4.669b |
| Oct 22, 2026 | $4.657b |
| Oct 23, 2026 | $4.628b |
| Oct 24, 2026 | $4.594b |
| Oct 25, 2026 | $4.587b |
| Oct 26, 2026 | $4.582b |
| Oct 27, 2026 | $4.595b |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $4.361b |
| Dec 31, 2024 | $5.869b |
| Jan 31, 2025 | $5.925b |
| Feb 28, 2025 | $5.877b |
| Mar 31, 2025 | $5.247b |
| Apr 30, 2025 | $4.672b |
| May 31, 2025 | $5.357b |
| Jun 30, 2025 | $5.3b |
| Jul 31, 2025 | $8.237b |
| Aug 31, 2025 | $12.334b |
| Sep 30, 2025 | $14.486b |
| Oct 31, 2025 | $9.532b |
| Nov 30, 2025 | $7.205b |
| Dec 31, 2025 | $6.293b |
| Jan 31, 2026 | $6.574b |
| Feb 28, 2026 | $6.062b |
| Mar 31, 2026 | $5.88b |
| Apr 30, 2026 | $3.808b |
| May 31, 2026 | $4.501b |
| Jun 30, 2026 | $4.455b |
| Jul 31, 2026 | $3.869b |
| Aug 31, 2026 | $4.08b |
| Sep 30, 2026 | $4.903b |
| Oct 27, 2026 (latest) | $4.595b |
TVL at each year end, Dec 31, 2023 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2023 | $84.76m |
| Dec 31, 2024 | $5.869b |
| Dec 31, 2025 | $6.293b |
Fees and revenue by UTC calendar month, Nov 2024 to Oct 2026
| Month | Fees | Revenue |
|---|---|---|
| Nov 2024 | $43.67m | $1.7m |
| Dec 2024 | $67.7m | $4.78m |
| Jan 2025 | $47.64m | $404,232 |
| Feb 2025 | $26.48m | $210,513 |
| Mar 2025 | $14.57m | $125,064 |
| Apr 2025 | $10.02m | $56,794 |
| May 2025 | $20.47m | $814,109 |
| Jun 2025 | $18.25m | $521,125 |
| Jul 2025 | $43.06m | $3.24m |
| Aug 2025 | $54.68m | $4.08m |
| Sep 2025 | $53.34m | $2.86m |
| Oct 2025 | $48.91m | $371,895 |
| Nov 2025 | $26.96m | $50,895 |
| Dec 2025 | $20.29m | $40,472 |
| Jan 2026 | $29.22m | $390,259 |
| Feb 2026 | $18.11m | $182,629 |
| Mar 2026 | $17.78m | $82,534 |
| Apr 2026 | $20.22m | $329,498 |
| May 2026 | $14.69m | $709,686 |
| Jun 2026 | $16.7m | $66,761 |
| Jul 2026 | $17.51m | $41,978 |
| Aug 2026 | $15.95m | $21,084 |
| Sep 2026 | $20.09m | $16,674 |
| Oct 2026 (to date) | $16.45m | $80,090 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/ethena-usde
Frequently asked questions
What is Ethena USDe's TVL?
As of Oct 27, 2026, Ethena USDe has $4.568b in total value locked. TVL has decreased 7.6% over the past 30 days.
What chains does Ethena USDe operate on?
Ethena USDe operates on Ethereum. Ethereum holds the largest share at 100%.
How much has Ethena USDe generated in fees and revenue?
Over the past 30 days, Ethena USDe generated $16.44m in fees. Of that, $74,554 was protocol revenue. Based on the trailing year, the annualized rate is $241.76m in fees and $2.01m in revenue.
How does Ethena USDe's TVL compare to similar protocols?
Among Basis Trading protocols tracked by DefiLlama, Ethena USDe ranks #1 by TVL. The category holds $7.561b across 41 protocols, and Ethena USDe accounts for 60.3% of that total. Similar protocols include Falcon Finance, BitFi Basis, Solv Basis Trading, Tori Finance, Axis, ZEROBASE CeDeFi, Aegis YUSD, JUSD Finance, Piku Finance, and BounceBit Prime.
How many yield pools does Ethena USDe have?
DefiLlama tracks 1 Ethena USDe yield pool with an average APY of 5.1%.