Ethena USDe TVL Analysis and Liquidity Risk Report
Ethena USDe (USDe)
Editor:
Eugene Serbin
dev.to published a TVL trend analysis and liquidity risk assessment for Ethena USDe on 25 September 2026. The report identifies a steady upward trajectory in Total Value Locked, noting a compound monthly growth rate of approximately 5%. This growth is attributed to incentivised liquidity mining and cross-chain bridge expansions.
USDC and USDT currently dominate the collateral composition, accounting for roughly 60% of the total. While ETH-based collateral is increasing, its utilisation remains lower, suggesting potential liquidity bottlenecks during a stablecoin de-peg. The protocol can withstand moderate single-asset shocks but is vulnerable to simultaneous multi-asset stress.
Specifically, the current Liquidity Buffer of 10% of TVL is considered insufficient for a combined shock exceeding 30% total collateral loss. The findings recommend that P1–P3 risks, scored at 8/10 or higher, be addressed within the next quarter.
How the market reacted
Whalio's own Binance spot order flow for USDe, measured when this story was written up on 25 September 2026. Not the outlet's figures.
USDe is trading at $1.00 with a 24-hour buy ratio of 63.3%, indicating that buyers controlled the majority of volume over the day. However, this momentum has cooled significantly in the short term, with the 1-hour buy ratio dropping to 26.9% and the 4-hour ratio falling to 6.7%. The Volume Delta reflects this shift, moving from a positive $758,675 over 24 hours to negative figures of -$165,572 and -$8,532 for the 4-hour and 1-hour periods respectively. A positive Volume Delta means buying pressure exceeded selling pressure, while a negative delta indicates sellers are currently dominating the flow. The CVD for the 24-hour close was -$588,104, confirming that net selling pressure has emerged after a day of net buying.
The latest daily buy ratio of 51.8% sits at the 56th percentile of the last 322 days, against a median of 48.5% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for USDe, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 42.6%, making today’s 63.3% reading an unusual spike of 20.7 points above the norm. Despite this higher buy ratio, the spot volume was only 0.27x the average, suggesting the buying activity was less intense than usual. The weekly Volume Delta showed a total of +$18,405,597, contrasting with the mixed short-term deltas seen today. Net buying occurred on only 2 of the 7 days in the preceding week, indicating inconsistent buyer commitment. The price remained stable at 0.0% change over the 8-day period, showing no volatility despite the flow variations.