Molly 🌞

Crypto mind, human heart 🦋

[Molly 🌞 @ultramoll]

GN web3 builders 🦦🦋

[Molly 🌞 @ultramoll]

@nabulines @0xUncleB ok wait for me !

[NABULINES @nabulines]

⚠️ only real ones can find all 3 NABULINES on this…

can you? ↓

[Bahram @0xUncleB]

What a quiz!

This community has a new surprise every day! 😵‍💫

Fully locked in @mintedmind_base 👊
@nabu_lines @nabulines

[NABULINES @nabulines]

reminder:

we’re filling up the folder.

drop a 👁️⃤ If you should be in it.

[Molly 🌞 @ultramoll]

@Ledger Gm ledger ❤️

[Ledger @Ledger]

gm 🥰

[NABULINES @nabulines]

System activated... 👁️⃤
You in? ↓

[Bahram @0xUncleB]

This feels genuinely rewarding.

A growing @Hypercroc_xyz collection.
XP stacking with every mint.
Progress you can actually see.

No rush.
No pressure.

Just showing up, collecting, and watching everything come together over time.

This is the kind of experience that makes being early feel good.

[Molly 🌞 @ultramoll]

@0xUncleB @ethena Nice breakdown Bahram 👑

[Bahram @0xUncleB]

One thing that really stands out to me while following @ethena is the speed and quality of its growth.

In less than a year, Ethena went from zero to becoming the 3rd largest USD asset in crypto.
Today, $USDe sits above $8B in supply, and that scale didn’t come from hype, it came from real usage.

What’s interesting is who this is actually for.
USDe is increasingly used across DeFi and CeFi, while $sUSDe is shaping up to be a rewards-bearing dollar that works for everyone crypto-native users, protocols, and even more traditional participants looking for transparent, onchain exposure.

For me, this feels less like a trend and more like infrastructure forming in real time.
When a dollar asset reaches this scale and keeps integrating deeper into the ecosystem, it stops being a product and starts becoming a layer people build on.

That’s the part that makes Ethena worth paying attention to not just the numbers, but how many people are actually using it.

[Molly 🌞 @ultramoll]

@Ledger NYKNYC 🦦

[Ledger @Ledger]

🧘

[Bahram @0xUncleB]

After digging deeper into @ethena transparency layer, I found how detailed and verifiable the data around USDe and USDtb actually is.

I want to share what I discovered about how this transparency mechanism works and the dashboards that make it visible.

How the Mechanism Works

Ethena maintains real-time verification of its reserves through independent attestation oracles and institutional custodians.
For USDe, onchain proof of reserves is continuously monitored by third parties such as Chaos Labs, LlamaRisk, and Chainlink.
Each report confirms that the system is fully backed, delta neutral, and governance approved.
For USDtb, assets are held with regulated custodians and backed primarily by BlackRock’s BUIDL fund, offering a bridge between crypto-native and institutional-grade transparency.

USDe Proof of Reserves

The USDe Attestation History confirms that all metrics remain fully backed and delta neutral:

-> Latest backing ratio: 101.11% (Dec 12, 2025)
-> Total Reserves NAV: $6.63B
-> Total Supply: $6.55B
-> Status across all dates: Fully backed = True, Delta neutral = True

All reserve data is verified by independent third-party oracles, ensuring that every dollar in circulation is matched by real, onchain verified collateral.

USDtb Transparency (Institutional-Grade Custody)

The institutional product USDtb, backed by the BUIDL fund, shows a 100.19% collateralization ratio,
with $852.44M in assets backing $850.85M in supply.

Custodians include Copper, Fireblocks, Zodia, Komainu, Coinbase Web3 Wallet, and Anchorage,
all maintaining off-exchange, verifiable custody standards.

Why It Matters

Ethena’s two-layer transparency model combines onchain verification for USDe with institutional-grade attestation for USDtb.
This ensures every asset is traceable, collateralized, and publicly verifiable in real time.

[Molly 🌞 @ultramoll]

Solid info

Solid Project @ethena 🤌🏻🤌🏻

[Bahram @0xUncleB]

sUSDe: A Composable Layer for DeFi

Recent data show that over 3.5 B sUSDe is active onchain, representing nearly half of total USDe supply. This reflects how @ethena as DeFi Infrastructure (sUSDe Composability) is being adopted by builders as a transparent and functional layer across DeFi protocols.

sUSDe is integrated into lending markets, liquidity pools, and treasury systems, where it operates as a stable onchain component without breaking its connection to Ethena’s delta-hedged backing. This design enables seamless movement between protocols while maintaining verifiable stability.

Across the ecosystem, more projects are using sUSDe for collateral, liquidity provisioning, and balance-sheet optimization showing how Ethena’s architecture supports real composability and capital efficiency within the onchain economy.

Through this model, Ethena continues to provide infrastructure that links transparency, stability, and interoperability turning sUSDe into one of the most practical assets powering decentralized finance.

[Bahram @0xUncleB]

gm gm ☀️

Verified. my keys, my control @Ledger

[Molly 🌞 @ultramoll]

Numbers don’t lie

Great insight. Thanks Bahram

[Bahram @0xUncleB]

Heads up guys ⚠️

Starting today, I’m gonna dive deep into @ethena and share more with you about why I think it’s one of the most underrated plays out there.

There’s some insane potential here that I think everyone should notice.
Just look at the numbers 👇

•Fees (Annualized): $388.26M
•Revenue (Annualized): $665.9K
•Earnings (Annualized): $665.9K
•Market Cap: $1.99B
•FDV: $3.87B
•ENA Price: $0.26
•24h Volume: $185.3M
•Liquidity: $20.46M

Over the next few posts, I’ll break down Ethena and its @Ethena_Eco from a more technical and strategic perspective.

This is just the first post
By the end, you’ll really know what Ethena is all about.

[Molly 🌞 @ultramoll]

@0xUncleB @ZKLSOL Nice Update Bahram

Thanks uncle 🤌🏻

[Bahram @0xUncleB]

Heads up Privacy meta’s heating up ⚠️

Turbine Cash Weekly Update:

This week, @ZKLSOL locked in some solid gains

➤ +50% new users joined the flow
➤ USDC deposits doubled → $70K
➤ APY tracker for $ZSOL now live

Because privacy performs even when no one’s watching 🔥

[Bahram @0xUncleB]

community is everything. your belief hits a different level

We are @nabulines

Viva nabulines @nabu_lines

[Ledger @Ledger]

Nothing but facts 🔐🔐