Staked USDe token
Overview
sUSDe represents the staked version of Ethena's synthetic dollar token USDe. To obtain sUSDe, holders deposit USDe into a staking contract, receiving an ERC-20 token that tracks their proportional ownership of the pool and accumulates yield over time. Redeeming sUSDe requires burning it, which returns the corresponding amount of USDe plus any earned rewards. The yield is generated from Ethena's protocol revenues, mainly comprising staked Ethereum returns and the funding rate and basis spread from the delta-hedged derivatives positions backing USDe. This income is variable and may decline to zero during adverse market conditions. Unstaking involves a cooldown period during which the sUSDe is held in the USDeSilo contract, although sUSDe can still be traded on secondary markets before the cooldown ends.
Within The Counterparty graph, Staked USDe connects to 18 tracked entities, most strongly to Aave, Aave, Pendle.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 10 of 18 total).
| Relation | Connected entity | Confidence |
|---|---|---|
accepts_collateral | Aave | 95% |
holds | Aave | 95% |
lists_market_for | Pendle | 95% |
backed_by | Ethena USDe | 95% |
issued_by | Ethena | 95% |
issues | Ethena | 95% |
deployed_on | Ethereum | 95% |
issued_by | Ethena Labs | 95% |
issued_by | Ethena Labs | 95% |
derives_from | Pendle PT-sUSDe markets | 95% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
Is the yield on sUSDe guaranteed?
No. Ethena notes that the income can vary significantly and may be zero under unfavourable market conditions.