Ethena's $400M USDG lending loop drives 230x Solana USDe growth as Bitwise curates live risk

Ethena seeded $200M of USDG each into Kamino/Sentora and Jupiter Lend/Bitwise markets, letting users loop USDe collateral into borrowed USDG at roughly 2% and target around 20% net APY. Kamino filled its borrow cap inside 24 hours, Jupiter Lend is around 78% utilized, and the two pools now hold about $397M of USDe collateral. The real signal is Bitwise, an $11B asset manager, running live risk parameters on Jupiter Lend while USDe supply on Solana explodes from ~$1.5M to ~$350M in five days.

TLDR by @Benthic

More coverage

• Ethena's $400M USDG lending loop drives 230x Solana USDe ... (x.com)
• Ethena Market on Kamino Surpasses $425M in Just 24 Hours (timesofblockchain.com)
• DeusNero (@DeusNero) / Posts / X - Twitter (x.com)

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• Solana
• Ethena
• USDe
• Bitwise