2025-12-24 02:17:46

Ethena's recent performance has indeed made it a bit hard to hold on. According to on-chain data from DeFiLlama, starting from October, Ethena's TVL has been like a roller coaster, plummeting from a peak of $14.305 billion to $6.551 billion, a drop of over 50%. In simple terms, users are fleeing.

The real issue lies with USDe. This stablecoin has experienced over $8 billion in net redemptions since October. How frightening is that scale? In just October, there was the largest single-month redemption in history—over $5 billion in net outflow in one month. What does this mean? Users are rapidly losing confidence in this project.

TVL has been halved, and USDe continues to incur losses; this is not a small fluctuation, but a trust crisis at the ecological level. From the data rhythm, the wave of redemptions is still ongoing, and if there are no significant positive news in the future, Ethena's situation will become even more difficult.

ENA-0.49%

USDE0.01%

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ChainPoet

· 18h ago

A 50% slump is just the beginning, this is just the tip of the iceberg --- USDe has collapsed, it's the kind that can't be saved --- 50 billion net outflow in January? Bro, this is a rug pull, not a redemption --- The phrase "loss of confidence" is too mild, this is clearly abandonment --- No matter how well the DeFi story is told, it's all nonsense in the face of data --- User votes with their feet, nothing more direct than that --- TVL dropped from 143 to 65, and there are still people holding on? That's quite a stretch --- When will the next favourable information come? Can we wait for it? --- The ecological crisis has been stated, and you still expect a rebound? Too naive

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StopLossMaster

· 18h ago

A 50% fall directly dissuaded me; what else is there to play? --- This USDe stablecoin is indeed unable to hold; who can withstand an 8 billion net redemption? --- Honestly, it’s nerve-wracking to watch them; once confidence collapses, it’s all over. --- Once the tide of escape starts, it won't stop; Ethena is in trouble this time. --- TVL has slumped by 50% and you still say there's favourable information? Wake up, everyone. --- Such a large redemption volume indicates that people's hearts are scattered; it's hard to lead a dispersed team. --- No favourable information is the biggest unfavourable information; Ethena's situation is worrying now. --- 50 billion outflow in a month; how desperate must that be? --- Once trust is shattered, it’s hard to piece it back together; this time it’s a bit dangerous. --- Waiting for the follow-up; whether Ethena can stop the bleeding depends on how they operate next.

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