Chaos Labs debates USDe risks as Pendle looping trade swells Ethena’s Aave footprint to $6.6 billion
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最新报道：Ethena's USDe synthetic dollar has surged to $11.3B in supply, with $6.4B tied to Aave through Pendle-linked principal tokens ($4.2B), USDe ($1.3B), and staked USDe ($1.1B). The growth stems from a yield-amplifying loop where users leverage Pendle-Aave strategies, raising concerns from Chaos Labs about reflexive deleveraging risks if funding rates reverse. The analysts warned Ethena's $580M reserve deposits on Aave could strain redemption liquidity during stress, proposing parameter tweaks to mitigate volatility transmission. While the fixed-income trade continues expanding in DeFi markets, potential rate swings and governance changes may test the sustainability of this yield ladder.
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