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7.8. klo 02.00
1/ Ethena's USDe supply is up $3.7B in just 20 days, driven primarily by the Pendle-Aave PT-USDe looping strategy.
With $4.3B (60% of total USDe) now locked in Pendle and $3B deposited in Aave, here's a breakdown of the PT loop mechanics, growth vectors, and potential risks:
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