TechFlow news, August 28 — According to monitoring by @ai_9684xtpa, one week remains until the end of Ethena's Season Two airdrop event, with platform data showing significant capital outflows. As of August 28, 2024, Ethena’s total value locked (TVL) has dropped to $2.92 billion, down more than $600 million from its peak in early July. Data from DeFiLlama indicates net outflows of $280 million since August. For instance, three addresses linked to Abraxas Capital Mgmt redeemed $91.22 million worth of USDe from Ethena over the past week, ranking first among redeeming addresses.
Protocol yields have fallen from 113.34% on March 3 to 1.38% on August 21, while sUSDe yields have declined to 2.93%. Ethena stated that ENA tokens earned after June 17 must be staked at a minimum of 50% to help alleviate selling pressure. Users may be withdrawing funds early to avoid potential post-airdrop price declines and to seek projects offering higher yields.
