Ethena’s High-Yield sUSDe Tokens Drain Liquidity from Aave: Is AAVE Price Heading for a Bearish Break?
The DeFi landscape is witnessing a subtle but significant shift as Ethena’s yield-bearing stablecoin system, particularly its Principal Tokens (PTs) tied to sUSDe, attracts a flood of capital. Surpassing $1 billion in collateralized supply within just a month, Ethena’s rapid growth poses a fresh challenge to Aave’s once-dominant lending ecosystem and raises questions about AAVE…