DeFi· ★★★· neutral·

Ethena says it has paid over $800M in USDe ecosystem rewards

  • —Over $800M in rewards distributed across the USDe ecosystem since its early 2024 launch
  • —ENA incentives for USDe stakers ended September 30, 2026, after an ~85% cut since 2024
  • —Average sUSDe yields were around 5% in Q3 2026
  • —USDe supply fell from a peak of ~$15B in October 2025 to ~$4.94B by mid-October 2026
Why it matters: The ENA fee switch, funding buybacks with up to 95% of eligible net revenue, only triggers once USDe supply reaches $7.5B, making supply the key metric for ENA holders.
#ENA#USDE
Source: Crypto Briefing
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