Enable USDe/USDT (0.01% fee tier) and sUSDe/USDe (0.05% fee tier) V3 gauge on BNB Chain

Gauges
1

Overview

  • Proposal to enable USDe/USDT 0.01% and sUSDe/USDe (0.05% fee tier) V3 gauge on BNB Chain.

Background

  • Ethena is undergoing an ongoing push of its core product line to BNB Chain.
  • USDe has grown to be one of the largest dollar-denominated assets in crypto, with over $5.3 billion in supply as of this protocol’s writing. USDe is crypto-collateralized with exogenous collateral, with transparency data found here. Since launch in early 2024, USDe has grown to be one of the most well-integrated assets in DeFi, with deep connectivity in apps like Pendle, Curve, Maker/Sky, Aave, and Morpho.
  • Ethena is looking to bring USDe to BNB Chain, along with sUSDe, the staked variant of USDe. Pancakeswap will be Ethena’s DEX partner for the BNB Chain push.

Details

  1. Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 0.5% emission cap
  2. Audits: Full list of audit reports here
  3. Token Utility:
    Ethena’s synthetic dollar, USDe, provides a digital dollar backed by delta-neutral, cash and carry positions.
    The staked version of USDe, sUSDe, earns rates from the protocol’s activities.
  4. Volatility: USDe is available to be minted and redeemed via the Ethena protocol with a 10bps fee. It is widely traded on DEXs and CEXs. Further information on USDe’s peg is available here: https://dune.com/entropy_advisors/ethena-usde
  5. Oracles: N/A
  6. Control: N/A
  7. Merit: Pancakeswap will be the main DEX for Ethena’s rollout of USDe and sUSDe on BNB Chain. Pancakeswap should benefit from increased trading activity if these efforts are successful. Ethena is providing reward multipliers on LP positions to incentivize liquidity on Pancakeswap.
  8. Vault Strategy (for Position Managers only): N/A

Links

  1. Token address
    USDe: https://bscscan.com/token/0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34
    sUSDe: https://bscscan.com/token/0x211cc4dd073734da055fbf44a2b4667d5e5fe5d2

  2. Liquidity pool address
    USDe/USDT: Overview - Info | PancakeSwap
    sUSDe/USDe: Overview - Info | PancakeSwap

  3. Position manager vault address (if applicable): N/A

  4. Website: https://app.ethena.fi/

  5. Socials:
    X (Twitter): https://x.com/ethena_labs
    Discord: Ethena

  6. Documentation: https://docs.ethena.fi/

  7. Github: ethena-labs · GitHub

  8. Any other relevant links: N/A

2

Thank you for your application. The Kitchen has enabled the USDe/USDT (0.01% fee tier) and the sUSDe/USDe (0.05% fee tier) V3 gauges on BNB Chain with 1x boost multiplier and 0.5% emissions cap each.