Ethena ($ENA ) Shows Signs of Distortion for the Third Consecutive Week

After directly decoding the latest smart contract, we’ve discovered that behind the official rapid growth, a distortion that cannot be ignored is beginning to emerge.

Staking rate has declined for three consecutive weeks

3 weeks ago: 52.0%

Last week: 42.0%

This week: 40.4% ➔ While the USDe supply has increased by $190M in just one week, the staking rate is plummeting.

However, the yield is “genuine”

totalAssets ÷ totalSupply ＝ 1.2325

sUSDe’s backing is flawless. The annualized yield of [approx. 10.6% APY] is accumulating within the ecosystem as designed. At this point, it is highly likely (bullish scenario) that USDe is being used for “actual collateral needs” in other DeFi projects rather than for yield purposes.

Conclusion

The system is currently sound, but if the staking rate falls below 35%, we should be wary of large-scale withdrawals and consider hedging.

How do you view this discrepancy?

$ENA $USDE #Ethena #OnChainForensic