TVL (current + 30d trend)

Ethena's assessment for RD-F-063 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

TVL current: $3.79B (DefiLlama 2026-04-28T13:14:34Z). 30-day change: -35.58%. 1-day: +1.07%. 12-month peak ~$14B USDe standalone (Sep 2025). Sustained contraction following Oct 2025 market crash ($8B outflows over 2 months). Q1 2026 gross protocol profit: $614K — extreme compression from $1.2B annualized revenue at Dec 2024 peak. Negative 30-day trend is the primary yellow driver.

Sources #

URL
DefiLlama API — Ethena protocol TVLhttps://api.llama.fi/protocol/ethenaretrieved 2026-04-28
URL
Stablecoin Insider — Ethena USDe Q1 2026 Reporthttps://stablecoininsider.org/ethena-usde-q1-2026-report/retrieved 2026-04-28

Methodology #

Read current TVL in USD and 30-day trend using DeFiLlama adapter methodology.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol ethena factor RD-F-063 score yellow collected_at 2026-04-28 13:58:51