Ethena’s second season airdrop event is only one week away, and TVL falls below $3 billion

BlockBeats news, on August 28, according to @ai_9684xtpa monitoring, there is only one week left before the end of Ethena's second season airdrop event (September 2), and the current Ethena TVL is $2.92 billion, which has fallen below $3 billion, and has lost more than $600 million from the TVL peak of $3.612 billion in early July; according to DeFiLama data, its TVL has only had two days of net growth since August, and the net outflow of assets is as high as $280 million. For example, three addresses of Abraxas Capital Mgmt redeemed $91.22 million USDe from Ethena in the past week, and its fund size ranked first among the redemption addresses.

According to Ethena Dashboard data, its protocol yield and sUSDe yield reached a peak of 113.34% in early March. As of August 21, the protocol yield was only 1.38%, and the sUSDe yield was only 2.93%. It can be clearly seen from the line chart that the platform yield is very obviously positively correlated with the market. Due to Ethena's product mechanism, the pledge income and short funding rate in the bull market will bring it considerable income, while it will be relatively weak when the market is cold or bearish.

In short, the Sats activity will last from April 2 to September 2, and will automatically terminate when the supply of stablecoin USDe reaches 5 billion US dollars. The specific number and rules of the airdrop have not been disclosed yet.