USDe TVL has fallen to $7.6 billion, a drop of over 50% compared to October.

Ethena's synthetic stablecoin USDe's total value locked (TVL) has fallen by more than 50%, from $14.8 billion in October to $7.6 billion currently. Affected by weak market conditions, reduced leverage demand, and compressed perpetual funding fees, the stablecoin's current annualized yield is approximately 5.1%, lower than the double-digit yields at the beginning of the year. Despite the decline in TVL, USDe's usage is on the rise, with on-chain transaction volume exceeding $50 billion last month.