UwU Lend is delighted to announce our newest market: sUSDe (Ethena Staked USDe). With this newest addition, we expand our accepted collaterals by another interest bearing stablecoin asset that can be leveraged or looped to enhance returns. Users are now able to deposit, borrow and loop sUSDe on UwU Lend!
Market Overview
In addition to the 11.6% APY sUSDe holders receive from the Ethena protocol, users can now deposit their sUSDe tokens on UwU Lend and earn interest in the form of both sUSDe and UwU tokens. The APY will vary based on the utilization of the pool. sUSDe can also be used as collateral with an 75% LTV and a liquidation threshold of 80%. A 10% liquidation bonus goes to liquidators. The additional option to loop or leverage offers highly profitable strategies, allowing users to benefit from the attractive APR and further auto-compound their yield!
For enhanced security and in order to prevent manipulation, this asset has a custom oracle solution. Find the current interest rates on our dapp.
Asset Overview
sUSDe is the staked version of USDe, a delta-neutral synthetic dollar introduced recently to the markets and crypto’s first fully-backed, onchain, scalable, and censorship-resistant form of money. sUSDe currently offers 11.6% APY.
USDe can be minted on ethena.fi or bought on the market directly. Staked tokens can be unstaked at any time following a seven day waiting period to withdraw. Alternatively, users can opt to sell their sUSDe at market price without unstaking. The $30mm LP (sUSDe:sDAI) enables users to circumvent the unstake waiting period in case of emergency. Buyers take advantage of the usually higher value achieved when following the unstake process. Unstaking sUSDe rewards USDe, which can be used or swapped in the over $100mm liquidity pools in various pairs. Rewards are added automatically to the staking pool and are claimed with unstaking, similar to our xUwU staking.
sUSDe is a yield bearing asset and holders receive a portion of Ethena’s protocol revenue, which accumulates in the staking contract as additional USDe. When unstaking, users receive the proportionate amount in USDe including the accrued yield. The current supply of over $2.3 billion USDe indicates a bright future for this new yield bearing stablecoin. More information and detailed explanations are available here.
As with the recently added sDAI market, by depositing on UwU Lend users can use sUSDe as collateral with high LTV, receive additional interest from borrow APY, and loop or leverage sUSDe for even more yield.
UwU Lend
We are excited to expand our platform with this new addition and are looking forward to sharing more upcoming news. Stay tuned for an exciting 2024!
