Ethena Treasury Strategy: The Rise of Stablecoin Third Empire> Capital stimulation is a pacemaker, while real adoption is erythropoietin.
Written by: Zuo Ye
In August 2023, the MakerDAO ecosystem lending protocol Spark offered an annual yield of 8% on $DAI. Subsequently, Sun entered in batches, accumulating an investment of 230,000 $stETH, which accounted for more than 15% of Spark's deposit volume, forcing MakerDAO to urgently propose a reduction of the interest rate to 5%.
The original intention of MakerDAO was to "subsidize" the usage rate of $DAI, almost turning into Sun Yuchen's Solo Yield.
In July 2025, Ethena will play with the "currency - stock - bond" treasury strategy, and the APY of $sUSDe will rapidly rise to 12%.
ForesightNews·2025-07-29 23:43