Techub News reports that, according to CryptoBriefing, Ethena's synthetic US dollar stablecoin USDe has increased its supply on the Solana chain by over $560 million in the past 5 days. Currently, its market cap is approximately $9.5 billion, a growth of about 75% since mid-July, making it the third-largest dollar-pegged asset globally, behind USDT and USDC. The stablecoin maintains its peg through a delta-neutral hedging strategy, using cryptocurrency assets as collateral and establishing equivalent short positions to hedge against price risk. The low transaction fees and high throughput of the Solana network make it an ideal place for USDe yield strategies to perform high-frequency DeFi interactions, driving its rapid growth.

ENA-1.01%
USDE-0.01%
SOL-0.53%
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