Ethena's $750M Mirage: Follow the Supply, Not the Rewards
Hook USDe supply peaked at $3.6B in March 2024. Today it sits at $2.8B. That'...
Layer2
ā¢
KaiBear
ā¢
2026-07-29
Market Prices
| Coin | Price | 24h |
|---|---|---|
|
BTC
Bitcoin
|
$80,274 | +3.93% |
|
ETH
Ethereum
|
$2,494.9 | +1.98% |
|
SOL
Solana
|
$101.51 | +7.66% |
|
BNB
BNB Chain
|
$715.1 | +2.46% |
|
XRP
XRP Ledger
|
$1.51 | +1.94% |
|
DOGE
Dogecoin
|
$0.0920 | -0.07% |
|
ADA
Cardano
|
$0.2261 | +2.59% |
|
AVAX
Avalanche
|
$7.65 | +1.97% |
|
DOT
Polkadot
|
$0.9128 | +0.08% |
|
LINK
Chainlink
|
$11.73 | +2.15% |
Fear & Greed
74
Greed
Market Sentiment
Event Calendar
202610
05
upgrade
Ethereum Pectra Upgrade
Raises validator limit and account abstraction
30
04
upgrade
Celestia Mainnet Upgrade
Improves data availability sampling efficiency
22
03
unlock
Optimism Unlock
Circulating supply increases by about 2%
18
03
unlock
Sui Token Unlock
Team and early investor shares released
15
04
halving
Bitcoin Halving
Block reward reduced to 3.125 BTC
28
03
unlock
Arbitrum Token Unlock
92 million ARB released
12
05
halving
BCH Halving
Block reward halving event
08
04
upgrade
Solana Firedancer
Independent validator client goes live on mainnet
Altseason Index
41
Bitcoin Season
BTC Dominance
Altseason
Gas Tracker
Ethereum
28 Gwei
BNB Chain
3 Gwei
Polygon
42 Gwei
Arbitrum
0.5 Gwei
Optimism
0.3 Gwei
Tag Hub
Market Cap
All ā
1
Bitcoin
BTC
$80,274
1
Ethereum
ETH
$2,494.9
1
Solana
SOL
$101.51
1
BNB Chain
BNB
$715.1
1
XRP Ledger
XRP
$1.51
1
Dogecoin
DOGE
$0.0920
1
Cardano
ADA
$0.2261
1
Avalanche
AVAX
$7.65
1
Polkadot
DOT
$0.9128
1
Chainlink
LINK
$11.73
š Whale Tracker
šµ
0x76fb...4d10
12m ago
Stake
8,959,978 DOGE
šµ
0x10a0...a49d
1h ago
Stake
195,943 USDT
š“
0xc720...3f58
3h ago
Out
1,148,839 DOGE
š” Smart Money
0xb1ef...37d8
Arbitrage Bot
-$1.7M
80%
0x44b1...acfc
Market Maker
+$0.9M
74%
0x785c...8510
Early Investor
+$2.2M
62%
#USDe
USDe related articles
The $750 Million Mirage: Why Ethenaās Reward Explosion Hides a Fragile Foundation
Hook Seven hundred and fifty million dollars. That is the staggering sum Ethe...
Layer2
ā¢
CryptoRay
ā¢
2026-07-29