What is sUSDe?
sUSDe (staked USDe) is the yield-bearing version of Ethena's USDe synthetic dollar. When users stake USDe, they receive sUSDe which automatically accrues yield from the protocol's delta-hedged positions, offering double-digit APYs.
Key Statistics
| Metric | Value |
|---|---|
| . . . . | . . . - |
| Market Cap | $2B+ |
| Base APY | 15-30% variable |
| Underlying | USDe |
| Primary Chain | Ethereum |
How sUSDe Works
Yield Accrual: sUSDe increases in value relative to USDe as yield accumulates. 1 sUSDe represents your share of the staking pool. Yield Sources: ETH staking rewards + perpetual futures funding rates flow to sUSDe holders. Unstaking: Redeem sUSDe for USDe plus accumulated yield at any time.Yield Opportunities with sUSDe
Base Staking Yield: Simply hold sUSDe to earn 15-30% APY from protocol yield. Pendle Strategies: Trade sUSDe on Pendle to lock in fixed yields or gain leveraged exposure. Lending Collateral: Use sUSDe as collateral in lending protocols to access additional strategies. LP Farming: Provide sUSDe liquidity to earn trading fees on top of base yield.Risk Considerations
Underlying USDe Risks: All USDe risks (funding rates, counterparty, depeg) affect sUSDe. Variable Yield: APY fluctuates with funding rates and market conditions. Smart Contract Risk: Additional contract layer on top of USDe.Frequently Asked Questions
What APY does sUSDe earn?sUSDe has earned 15-30% APY historically, varying with funding rate conditions.
How do I get sUSDe?Stake USDe on Ethena to receive sUSDe, or buy sUSDe directly on DEXs.
Is sUSDe yield sustainable?Yield depends on perpetual funding rates remaining positive; this isn't guaranteed long-term.