In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our thirteenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions.

Season 1 and Season 2 of Ethena’s rewards campaigns combined to distribute a total of 1.5bn ENA to our users so far, 10% of ENA’s total supply. Below we outline more details on Season 3 distribution size and timing.

Ethena Labs is proud to announce the launch of USDe Proof of Reserves. The solution was created & launched in collaboration with the inaugural Proof of Reserve Attestors: Harris & Trotter, Chaos Labs, LlamaRisk, and Chainlink.

Today, Ethena Labs launches a Proof of Reserves (PoR) system for USDe, Ethena’s synthetic dollar, to cryptographically prove its backing - transparently reserved, governance-approved, and USD-delta-neutral.

In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our twelfth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions.

March 23rd marked the end of Ethena Season 3 and the beginning of Season 4. At the start of Season 3, USDe supply was $3bn and had just been integrated on Bybit and Bitget as the first centralized exchange partners, with minimal traction on Aave as sUSDe was yet to be integrated.

Ethena Labs and Securitize today announced the upcoming launch of Converge, a new blockchain designed to support and advance DeFi and tokenized assets. Developed jointly by Ethena and Securitize, Converge is a purpose built EVM blockchain, optimized for both retail and institutional DeFi.

We are excited to share that USDe has been widely integrated throughout Deribit, the industry’s leading options and derivatives exchange.

USDtb, an Ethena ecosystem stablecoin backed by Blackrock’s BUIDL, has been listed on Bybit and will be available as margin collateral within the next week.