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
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KaiBear
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2026-07-29
Market Prices
| Coin | Price | 24h |
|---|---|---|
|
BTC
Bitcoin
|
$64,100.4 | +0.95% |
|
ETH
Ethereum
|
$1,866.79 | +0.62% |
|
SOL
Solana
|
$73.7 | +0.70% |
|
BNB
BNB Chain
|
$598.9 | +1.58% |
|
XRP
XRP Ledger
|
$1.07 | -0.17% |
|
DOGE
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|
$0.0700 | -0.10% |
|
ADA
Cardano
|
$0.1919 | +0.10% |
|
AVAX
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|
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|
DOT
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|
$0.8586 | +3.78% |
|
LINK
Chainlink
|
$8.13 | -0.29% |
Fear & Greed
27
Fear
Market Sentiment
Event Calendar
202615
04
halving
Bitcoin Halving
Block reward reduced to 3.125 BTC
08
04
upgrade
Solana Firedancer
Independent validator client goes live on mainnet
18
03
unlock
Sui Token Unlock
Team and early investor shares released
28
03
unlock
Arbitrum Token Unlock
92 million ARB released
12
05
halving
BCH Halving
Block reward halving event
22
03
unlock
Optimism Unlock
Circulating supply increases by about 2%
30
04
upgrade
Celestia Mainnet Upgrade
Improves data availability sampling efficiency
10
05
upgrade
Ethereum Pectra Upgrade
Raises validator limit and account abstraction
Altseason Index
43
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
$64,100.4
1
Ethereum
ETH
$1,866.79
1
Solana
SOL
$73.7
1
BNB Chain
BNB
$598.9
1
XRP Ledger
XRP
$1.07
1
Dogecoin
DOGE
$0.0700
1
Cardano
ADA
$0.1919
1
Avalanche
AVAX
$6.66
1
Polkadot
DOT
$0.8586
1
Chainlink
LINK
$8.13
š Whale Tracker
š¢
0xbf93...4174
5m ago
In
2,779.76 BTC
šµ
0xbd39...87eb
5m ago
Stake
7,129,193 DOGE
šµ
0x6103...ba4f
12h ago
Stake
4,461 ETH
š” Smart Money
0x63e1...ba62
Institutional Custody
+$2.8M
74%
0x9444...5a11
Arbitrage Bot
+$4.7M
63%
0x54fc...97e3
Early Investor
+$3.2M
72%
#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