Glossary
sUSDe
Ethena's staked-USDe — the yield-bearing wrapper that pays the basis-trade funding plus staking yield, accumulating the "Internet Bond" return to holders.
sUSDe is the staked version of Ethena's USDe synthetic dollar. Holders stake USDe into the sUSDe contract; the yield generated by the protocol's delta-neutral ETH/BTC perp positions plus LST/staking yield is paid to sUSDe holders via the rising exchange rate.
Yields have at times exceeded 20% APY during high funding-rate periods, with the obvious caveat that the strategy depends on persistently positive funding. sUSDe is the largest single yield-bearing-stable position by TVL across DeFi.