Total Value Locked$4.897b
TVL by Chain
Ethereum$4.897b
Key Metrics
Fees 30d$21m
Fees 30d by chain
Ethereum$21m
Fees 7d$3.75m
Ethereum$3.75m
Fees 24h$3.75m
Ethereum$3.75m
Cumulative Fees$1.082b
Ethereum$1.082b
Revenue 30d$60,899
Revenue 30d by chain
Ethereum$60,899
Revenue 7d$903.62
Ethereum$903.62
Revenue 24h$6.22
Ethereum$6.22
Cumulative Revenue$333.05m
Ethereum$333.05m
Protocol Information
Ethena is a synthetic dollar protocol built on Ethereum
Audits:
Yields
Pools Tracked1
Average Supply APY5.02%
User Activity
Active Addresses (24h)31
Transactions (24h)44
Competitors
Ethena USDe history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Dec 14, 2023 to Nov 12, 2026.
All-time high TVL: $14.831b on Oct 3, 2025. All-time low TVL: $7.01m on Dec 14, 2023.
Daily TVL, Oct 14, 2026 to Nov 12, 2026
| Date | TVL |
|---|---|
| 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 |
| Oct 28, 2026 | $4.544b |
| Oct 29, 2026 | $4.536b |
| Oct 30, 2026 | $4.53b |
| Oct 31, 2026 | $4.522b |
| Nov 1, 2026 | $4.505b |
| Nov 2, 2026 | $4.526b |
| Nov 3, 2026 | $4.594b |
| Nov 4, 2026 | $4.611b |
| Nov 5, 2026 | $4.591b |
| Nov 6, 2026 | $4.582b |
| Nov 7, 2026 | $4.921b |
| Nov 8, 2026 | $4.919b |
| Nov 9, 2026 | $4.979b |
| Nov 10, 2026 | $4.989b |
| Nov 11, 2026 | $4.952b |
| Nov 12, 2026 | $4.911b |
TVL at each month end, Dec 2024 to Nov 2026
| Date | TVL |
|---|---|
| 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 31, 2026 | $4.522b |
| Nov 12, 2026 (latest) | $4.911b |
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, Dec 2024 to Nov 2026
| Month | Fees | Revenue |
|---|---|---|
| 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 | $20.65m | $93,598 |
| Nov 2026 (to date) | $8.23m | $2,189 |
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 Nov 12, 2026, Ethena USDe has $4.897b in total value locked. TVL has increased 2.8% 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 $21m in fees. Of that, $60,899 was protocol revenue. Based on the trailing year, the annualized rate is $239.06m 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 $7.782b across 44 protocols, and Ethena USDe accounts for 62.9% of that total. Similar protocols include Falcon Finance, BitFi Basis, Solv Basis Trading, Tori Finance, Axis, ZEROBASE CeDeFi, Aegis YUSD, Drakewell, 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%.