Ethena's USDe yield-bearing token has experienced significant growth, increasing by $1 billion to reach a market capitalization of $3.44 billion. The token now offers a 29% annualized yield, rebounding from a period of below the U.S. dollar risk-free rate. This growth has been attributed to the rising crypto markets and increased interest in DeFi lending platforms. Ethena's token has attracted new capital and gained support from Aave, which has added the token as collateral. The company also plans to distribute protocol revenues to governance token holders, which could further fuel growth.



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