Nearly $1bn outflow from crypto-revenue deal Ethena since July

Crypto-income protocol Ethena has suffered an outflow of nearly $1 billion since July, data shows. This represents a 27% decrease in the supply of the token. The protocol's governing token, ethena (ENA), has fallen 85% from its April highs. Meanwhile, the interest rate on funding cryptocurrency perpetual futures, the main source of returns for USDe, has fallen to near zero over the past few weeks. in March, the rate reached 40-70 percent annualised. according to DefiLlama, USDe's yield has fallen to 4.4 percent from a high of over 50 percent in March, which is lower than that of less risky investment products such as regular money market funds or other digital tokens backed by the US Treasury. Treasury-backed digital token products. ‘Lower funding rates make holding and pledging USDe less attractive,’ said Julio Moreno, an analyst at CryptoQuant.