TLDR
- Plasma launches with $2B liquidity, Ethena USDe fuels DeFi expansion.
- Ethena’s USDe anchors Plasma DeFi with Aave, Curve, Balancer & Fluid.
- Plasma mainnet beta debuts, USDe & sUSDe ignite cross-chain liquidity.
- Ethena’s sUSDe unlocks yield and lending growth across Plasma DeFi.
- Liquid Leverage on Plasma scales stablecoin loops with Binance support.
Plasma’s mainnet beta officially launched on September 25, anchoring its decentralized finance strategy with Ethena’s core assets, USDe and sUSDe. Ethena took center stage on day one, integrating into Aave, Curve, Balancer, and Fluid. The launch introduced over $2 billion in stablecoin liquidity, making Ethena a central driver of Plasma’s ecosystem.
Ethena’s USDe Powers Early DeFi Growth on Plasma
Ethena’s USDe now serves as a foundational stablecoin for Plasma’s DeFi infrastructure across multiple platforms. Users can acquire USDe directly via Fluid, Curve, and Balancer with aggregator routing enabled for ease of access. In addition, bridging options are live via both the Plasma and Stargate Finance interfaces.
USDe deposits on Aave now qualify for Ethena Points, encouraging early liquidity participation. This also aligns with the introduction of Liquid Leverage on Aave, enabling scalable stablecoin loops. Ethena supports these operations with a significant USDT supply originating from Binance Earn.
Plasma’s launch continues Ethena’s broader expansion after recent deployments on Avalanche and Optimism. On Avalanche, USDe integrated with native AVAX rewards, while OVaults enabled activity on the Optimism Superchain. Ethena’s strategy has rapidly scaled total USDe supply to nearly $14 billion across chains.
sUSDe Expands Lending and Yield Strategies
sUSDe, Ethena’s staked version of USDe, has also gone live across multiple DeFi platforms on Plasma. Aave now supports $450 million of sUSDe deposit capacity, paired with Liquid Leverage capabilities. Users earn Ethena Points for sUSDe deposits while claiming leverage rewards via Merkl’s Plasma interface.
Pendle is expected to launch on Plasma in the coming weeks and will bring support for sUSDe PTs and USDe PTs. These principal tokens will soon become eligible collateral on Aave, expanding utility for yield-seeking participants. This phased rollout positions sUSDe for broader integrations across yield-bearing strategies.
Beyond lending, Ethena encourages liquidity provision in sUSDe pools on Curve, Balancer, and Fluid. These LP deposits will also be rewarded with Ethena Points, further incentivizing network growth. With native support across venues, sUSDe is emerging as a key yield layer in Plasma’s ecosystem.
Liquid Leverage Unlocks New DeFi Scale
Liquid Leverage went live on Aave’s Plasma deployment with up to $950 million in combined USDe and sUSDe capacity. The product enables users to loop stablecoins at competitive borrow rates supported by Binance Earn’s USDT liquidity. This structure is designed to outperform mainnet rates by enhancing depth and flexibility.
Merkl facilitates direct reward claims for Liquid Leverage participants, streamlining user interaction within the Plasma ecosystem. Ethena’s role in powering these reward structures increases utility for both USDe and sUSDe. These mechanisms support long-term DeFi participation and early bootstrapping of Plasma’s TVL.
By embedding Ethena’s stablecoins at the protocol level, Plasma establishes a stablecoin-native Layer 1 with Bitcoin-based finality. With over 100 integrations and early capital inflows, Plasma aims to position itself as a secure and scalable foundation for DeFi. Ethena’s presence from day one ensures robust liquidity and incentivized adoption across use cases.
