According to Wu, DeFi organization YAM posted that, based on its calculations, among the underlying support assets totaling $4.4 billion for the stablecoin USDe, as much as $1.33 billion is involved in “self‑lending” (Lending against itself). YAM explained that its calculation rule is: “Estimated self‑lending size = total borrowing amount using USDe/sUSDe as collateral × Ethena’s share of liquidity provided in that market.” Using this proportional allocation method, the total borrowing amount collateralized by Ethena‑related assets is currently about $1.67 billion, of which the estimated amount attributable to Ethena self‑lending is about $1.33 billion, and the remaining approximately $336 million comes from other lenders. https://t.co/ovZ6IbX5G0
Ethena USDe (USDe)
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177.3K @wublockchain12 
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8.8K @yieldsandmore By our calculations, $1.33B out of $4.4B of USDe's backing is lending against itself.
Here’s the rule we used:
Estimated self-lending = gross borrowing against USDe/sUSDe collateral × Ethena’s share of supplied liquidity in that market
So if a pool has $556M borrowed against USDe/sUSDe, but @ethena supplies 47.4% of the liquidity, we attribute ~$263M of that as Ethena-funded self-lending.
We’re not counting the full amount borrowed against USDe/sUSDe as “self-lending” where @ethena is not the only lender.
Using this pro-rata method, we get:
- Estimated Ethena self-lending: ~$1.33B
- Gross amount borrowed against Ethena assets: ~$1.67B
- Difference from pro-rata attribution: ~$336M
Sources of data:
AAVE: https://t.co/zeU9yvlXvY
Steakhouse USDtb: https://t.co/SpF5M5fcab
Steakhouse Prime: https://t.co/M63p1PVYV6
Kamino: https://t.co/opd9knbVcf
Juplend: https://t.co/RmdBd58Xz3
Backing: https://t.co/RrxbDYxemJ
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117.7K @PrimordialAA Guy and the @ethena team are some of the most impactful builders of internet-native/better money. Proud to have them building on @LayerZero_Core and see them setting an example for what a continuously improving security setup can look like.
USDe and sUSDe continue to be some of the most used assets in the space, moving $4B of their lifetime $33B in the last 30 days alone.
Extremely fortunate to get to work with people like @gdog97_ @n2ckchong & team. It's a long and fruitful road ahead, much more to come.
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