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LEO

@vuongtt

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Ethena’s sUSDe yields lure liquidity: Does AAVE now face a bearish break? | Ethena's Principal Tokens (PT) have reached over $1 billion in collateralized supply within a month, following their approval as collateral on Aave. This development enhances the utility of Ethena’s synthetic stablecoin ecosystem, enabling users to leverage their PTs in DeFi’s largest lending market. PTs, backed by delta-neutral strategies, offer attractive yields of 15–25% on sUSDe, contrasting with Aave's declining borrowing rates of 2–4%. This shift indicates a potential trend of decreasing on-chain leverage demand, with more capital moving toward sUSDe due to higher yields. As Ethena grows, Aave's revenue and market position could be threatened, especially with its fundamentals weakening amid stagnant borrowing activity.
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