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UEV Daily Dashboard:

Ethena's stablecoin USDe and it's staked counterpart sUSDe seem to have strong correlation with ETH price activity. For instance you can see the supply of staked USDe topped in December 2024 when ETH price hit $4k and couldn't keep going. Since then the amount of staked USDe has halved which means the stablecoin is being used in another way.

UEV Daily Dashboard:

Ethena's stablecoin USDe and it's staked counterpart sUSDe seem to have strong correlation with ETH price activity. For instance you can see the supply of staked USDe topped in December 2024 when ETH price hit $4k and couldn't keep going. Since then the amount of staked USDe has halved which means the stablecoin is being used in another way.

https://dune.com/entropy_advisors/ethena-susde-usde-staking