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DeFi Platform Earning Yield by Shorting Ether Attracts $300M

Decentralized finance platform Ethena has attracted massive inflows since going live amid some criticism around the model it uses to generate an annualized 27% yield to holders of its USDe tokens. It had operated as a beta platform so far, available only to a closed group. More than $287 million of USDe had been minted as of Tuesday morning, with over $50 million of that coming after the platform went live to the public on Monday. The 27% reward is calculated on a seven-day rolling basis. Ethena calls USDe a synthetic dollar, which largely mimics an algorithmic stablecoin: The tokens have a target peg of $1 that is minted as ether (ETH) tokens are deposited to the platform.


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