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Beyond Stablecoins: How Ethena Builds an On-Chain Financial Engine?
Written by: Tindorr, Crypto KOL
Compiled by: Felix, PANews
I used to think that Ethena was just a stablecoin protocol—a synthetic dollar (USDe) that provides stable returns and some nice integrations.
The founder of Ethena Labs, G, announced Ethena's "fusion" roadmap in January this year, without realizing what was about to happen.
But as the research deepened, I gradually realized that my thoughts were too narrow.
Ethena is not just building a better stablecoin; it is constructing the monetary infrastructure of the internet: a system that combines the capital efficiency of cryptocurrencies with the regulatory trust layer of traditional finance.
ENA is becoming a representative of this transition.
Ethena has now touched upon almost all major macro verticals, rather than chasing a single narrative:
It concerns the integration of trends worth billions of dollars - the monetization of stablecoins, the tokenization of RWA, and the rise of on-chain financial infrastructure.
The following analyzes why Ethena may be the most capable protocol to capture all of this from the release of the roadmap and the progress made thereafter.
1. Ethena's stablecoin: The liquidity engine that drives everything
Most protocols issue only one stablecoin, while Ethena has built an integrated stablecoin system—each asset plays a different role based on market conditions or user characteristics, but they are all driven by the same underlying engine.
USDe and USDtb rank among the top ten stablecoins.
USDe: The third largest stablecoin (Market Cap 4.81 billion USD)
USDe is the synthetic dollar that opens everything.
USDe is the foundational layer of DeFi liquidity. Its supply exceeds 4.8 billion dollars and thrives in risk-appetite markets—leveraging perpetual funding premiums to generate sustainable on-chain yields.
This is not just passive capital, but efficient liquidity that connects to every major DeFi stack.
USDtb: The eighth largest stablecoin (market cap 1.44 billion USD)
When yields decrease or volatility spikes, USDtb will come into play.
USDtb is a tokenized U.S. Treasury supported by the BlackRock BUIDL Fund, providing a hedging and yield-generating alternative for traditional finance (TradFi) users.
It enhances the resilience of the Ethena system, balancing the dynamic yield of USDe with the stability of government bond levels.
Today, both of these assets have made it to the top ten stablecoins, and Ethena has solidified its core position in crypto liquidity.
2. sUSDe: The Engine Driving Ethena's Expansion
Staking USDe will yield sUSDe—the收益 version of Ethena's synthetic dollar. Supported by protocol revenues, sUSDe has become the core driving force behind Ethena's integration and liquidity growth.
As the market warms up, the annualized yield has risen to around 8%, and sUSDe has once again become one of the most versatile and reliable on-chain yield sources in DeFi.
Let's understand its operating mechanism:
1. Pendle and Aave: Maximizing Yield and Capital Efficiency
In Pendle and Aave, USDe/sUSDe has gradually become the preferred stablecoin for fixed income, lending, and leveraged cycles:
2. Hyperliquid x HyperEVM: A New Realm for USDe
Ethena enters the Hyperliquid exchange and HyperEVM, launching an important distribution:
USDe is launched on Hyperliquid and provides airdrop rewards for holders.
USDe quickly became one of the top four assets by trading volume on the exchange.
On HyperEVM, the power Curve pools of USDe and sUSDe (such as feUSD/USDe) enhance peg stability and cross-chain capabilities.
Rewards are automatically distributed through Merkl, no manual collection is required.
In short: Ethena is natively embedded in the liquidity layer of Hyperliquid, which is the fastest-growing ecosystem.
3. TON + Telegram: Internet Currency for One Billion Users
The biggest unlock?
Provide savings accounts for over 1 billion users of Telegram through the integration of Ethena x TON.
USDe/tsUSDe has been launched in all major TON wallets (completion is imminent)
Users can send, spend, and save USDe like Toncoin or USDT.
The mini program allows users to obtain an annualized return of up to 18% (8% native yield + 10% TON bonus obtained through the TON chain)
Rewards are seamlessly distributed on-chain through tsUSDe.
Ethena is not just a DeFi application; it is becoming a native savings layer aimed at emerging markets globally and mobile-first users.
sUSDe is a scalable yield layer.
From efficient DeFi strategies (Pendle, Aave) to trading volume on centralized exchanges (Hyperliquid) and Web2 scale (TON), sUSDe is driving Ethena's transition from a protocol layer to a currency layer.
Clearly, Ethena has become a savings engine for millions of users. Below are two milestones that will further accelerate this growth.
1. Real-world assets - powered by Converge
Converge is a settlement layer designed for digital dollars and institutional finance, co-developed by Ethena Labs and Securitize. It aims to achieve large-scale RWA tokenization by directly connecting regulated financial entities to Ethena's stablecoin infrastructure.
With Converge, TradFi can access on-chain finance at an institutional scale. And the scale is real:
Ethena and Securitize jointly manage nearly 10 billion dollars in assets. This alone is enough to make the launch of Converge comparable to Solana's TVL.
Key details:
With the increasing regulation and real-world issuance, Converge positions Ethena as a trusted backend for tokenized capital markets.
2. Ethereal: A native perpetual and spot DEX built on Ethena
Ethereal is the first mainstream application launched on the Ethena network. It is a next-generation spot and perpetual DEX with deep liquidity and institutional-level execution.
It is fully supported by the Ethena ecosystem:
$ENA: From Stablecoin to On-Chain Financial Innovation
The staked $ENA is no longer just a governance tool; it is becoming the key to extracting value from the entire ecosystem that is continuously expanding from Ethena.
With the launch of sUSDe's new yield track and the introduction of applications like Ethereal and Converge, $ENA is at the center of it all.
Ethena's 2025 Strategy:
The strategy is being implemented, and more people will soon realize this.
Valuation assessment:
The market capitalization of $ENA is approximately $2.2 billion, which is still undervalued relative to its development momentum:
From digital dollars to institutional rails, Ethena is building the monetary backend for crypto-native finance. If successful? $ENA is not just a token; it will represent internet-native capital in the next cycle.
Related Reading: ParaFi Capital: How Ethena Grew to Become a Cornerstone of DeFi in a Year and a Half?