ETH: Ethena: USDe Staked as sUSDe

Shown as its Jan–Mar 2024 sample; the latest readings and full history are included with Plus.

The share of USDe supply that is staked into sUSDe.

Why use it. USDe is backed by hedged positions; the staked share shows how much of the supply chases its yield and how much sits idle. How to read it. A falling share means holders are leaving the yield token; a very high share means the supply is committed.

Calculation. sUSDe.totalAssets() divided by USDe.totalSupply(). Computed by CryptoKeyhole from its own Ethereum archive node: each protocol's own contracts read at the last block of every UTC day (the latest finalized block for the day still open). Only these systems are read: other collateralized stablecoins are not counted, and every figure is the contract's own report.