MakerDAO, a decentralized finance (DeFi) project, is considering allocating 600 million DAI to USDe and staked USDe (sUSDe) through DeFi lending protocol Morpho Labs.
Both USDe and sUSDe are issued by stablecoin developer Ethena Labs. It’s currently in a proposed state, but if the MakerDAO community confirms this move, it will bring Ethena’s total value lock-in growth “in line with internal expectations.” wrote Seraphim Czecker, Head of Growth at Ethena
“Using the lowest of the above thresholds would result in a maximum recommended exposure to USDe of $600 million,” according to the proposal. “This will gradually expand as Ethena grows, but for the time being we believe it is prudent to limit overall allocations at this level.”
According to The Block’s data dashboard, USDe currently holds 1.34 billion tokens, representing 1.74% of the total Ethereum stablecoin supply.
The Block previously reported that Ethena raised $14 million in February at a total valuation of $300 million.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.