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![MeshClans Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1562704926979289089.png) Mesh [@MeshClans](/creator/twitter/MeshClans) on x 4485 followers
Created: 2025-07-19 16:31:34 UTC

Everyone is watching memecoins.

Meanwhile $ENA turned a synthetic stablecoin into a $2B liquidity engine.

Let me show you how Ethena hijacked perps, killed delta, and created the wildest DeFi yield of 2025 
(stablecoins, perps, APY, tokenized yield inside)

1/
Ethena’s $USDe isn’t backed by dollars.
It’s backed by delta-neutral yield.

They mint $USDe using:

Long spot ETH/LSTs

Short ETH perps (hedge)

→ No price exposure
→ Only funding rate captured
→ ~15–25% APY depending on market volatility

2/
This is huge because it flips stablecoin design:

→ USDC = safe but idle
→ DAI = volatile backing
→ $USDe = yield-bearing, composable, tokenized

It’s not a passive stable it is an active yield machine.

3/
Why do people ape into $ENA?

Because it captures:

perp premiums on centralized exchanges

DeFi liquidity rewards

Flywheel from $sUSDe and staked $ENA

@pendle_fi, @KaminoFinance and @fluid integrate $USDe directly into their boosted strategies.

4/
The Ethena flywheel is real:

X. Users mint $USDe → demand goes up

X. More staked $ENA → more rewards

X. $sUSDe launched as a tokenized yield layer

X. Protocols like pendle give 25–30% boosted APYs

And $ENA holders vote on everything.

5/
Latest stats:

$USDe TVL: $2.4B

$ENA staking: XX% of supply

250k+ wallets across Base, Arbitrum, Ethereum

Perp funding harvest: still net positive across most days in July

Not just stable. Not just yield. Monetized volatility.

6/
Ethena is building a DeFi central bank.

Not with treasuries.
Not with fiat.

But with perps, protocol-owned liquidity, and governance-owned stables.

This is what stablecoin XXX actually looks like.

![](https://pbs.twimg.com/media/GwO-chbW4AEfjms.jpg)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1946608863936987388/c:line.svg)

**Related Topics**
[usde](/topic/usde)
[ena](/topic/ena)
[mint](/topic/mint)
[$usde](/topic/$usde)
[apy](/topic/apy)
[stablecoins](/topic/stablecoins)
[delta](/topic/delta)
[$2b](/topic/$2b)

[Post Link](https://x.com/MeshClans/status/1946608863936987388)