Key Notes

Ethena’s USDe has surged to become the world’s third-largest stablecoin.

Ethena’s synthetic model and dual-token strategy result in massive user demand.

Market analysts believe the Ethena ecosystem could challenge USDC amid booming stablecoin growth.

Ethena’s ecosystem has had quite a year, and analysts suggest the growth isn’t slowing down. According to Santiment, the platform’s native stablecoin, USDe, has rapidly climbed the ranks to become the third-largest stablecoin in crypto, trailing only Tether’s USDT and Circle’s USDC.

📊 Ethena's ecosystem has had quite a year, and we may continue to see market caps grow for $ENA and $USDe . The latter has quickly risen to the #3 largest stablecoin in crypto. We discuss it all in our latest report in collaboration with @bybit

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