The USDe token of the Ethena protocol accounts for over 5% of the global Ethereum perpetual futures open positions

The hedge positions on the Ethena protocol behind USDe currently account for more than 5% of the global Ethereum perpetual futures open positions. USDe is a token pegged to the value of the dollar, offering high returns. Although it's described as a stablecoin, the team avoids using this term and instead e xplains it as "synthetic dollars".

 

According to data, the project's advertised annual return rate of up to 27% has so far attracted users to mint approximately $420 million worth of USDe tokens. However, Ethena founder Guy Young said he is not worried about the current situation but acknowledged that the protocol might face difficulties under higher market shares.