Ethena USDe
$4.60B −1.1%24hValue locked
- Value locked
- $4.60B
- 7 days
- −2.0%
- 30 days
- −6.0%
- Fees per day
- $618.1K7-day average
- Fees / value locked
- 4.9%annualised
- Chains
- 1
- ENA price
- $0.2079+3.9% 24h
- Token market cap
- $2.79B
About Ethena USDe
Ethena is a synthetic dollar protocol built on Ethereum.
As of 23 Oct 2026, Ethena USDe holds $4.60B in value locked on Ethereum, which ranks it #14 among all the protocols we track. It is the largest of 23 basis trading protocols, with 61% of the sector's value locked; Falcon Finance follows with $1.72B. Its value locked is down 2.0% over seven days and down 6.0% over 30 days. Users paid an average of $618.1K a day in fees over the last seven days; a year at that pace would equal 4.9% of its value locked, against a sector median of 3.1%. The ENA token, shared by the 3 Ethena USDe products we track, is valued at $2.79B, 55% of their combined $5.08B in value locked.
Value locked by chain
Largest basis trading protocols
Full sector| # | Protocol | Chains | Value locked | 7d | Fees/day |
|---|---|---|---|---|---|
| 1 | Ethena USDe | Ethereum | $4.60B | −2.0% | $618.1K |
| 2 |  Falcon Finance | Ethereum | $1.72B | 0.0% | $6.06K |
| 3 |  BitFi Basis | BNB Chain, Ethereum +5 | $256.3M | +11.8% | $25 |
| 4 |  Solv Basis Trading | BNB Chain, Arbitrum +2 | $203.7M | +1.6% | – |
| 5 |  Solstice | Solana | $201.8M | −3.6% | $513 |
| 6 |  Aster USDF | BNB Chain | $111.2M | −0.4% | – |
| 7 |  Tori Finance | Ethereum | $72.73M | +1.7% | – |
| 8 |  Axis | Ethereum | $66.88M | +1.5% | – |
