USDe market value rebounded to US$3.46 billion, with US$1 billion of funds flowing in in the past month

According to DefiLlama data, USDe, a stablecoin issued by Ethena Labs, has attracted about $1 billion in new funds in the past month, and its market value has rebounded to $3.46 billion, just 5% below the historical high of $3.6 billion set in July. Crypto market perpetual contract funding rates turned negative in August and September, making Ethena's strategy unfavorable to investors because its yield is lower than the risk-free rate of the US dollar. Investors withdrew $1.2 billion from the protocol between July and October. Analysis pointed out that the reason for the recovery of USDe supply can be attributed to the recent surge in contract market funding rates. Data from Ethena's official website showed that the average APY of sUSDe (staking USDe) has risen to 29%. There are more catalysts in the future that may drive its further growth. For example, the decentralized lending protocol Aave has added staked USDe tokens to its available collateral assets, allowing users to borrow against tokens while earning returns. (CoinDesk)