Ethena’s USDe Supply on Solana Rises by More Than $450 Million in Four Days
According to DefiLlama (decentralized finance data tracker), Ethena’s USDe supply on Solana has climbed to nearly 10 times the amount recorded on HyperliquidX Layer 1.
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Fact Check
The claim is strongly supported by multiple independent sources. DefiLlama's live data — the primary data source cited in the claim — shows Solana USDe at $565M with a 7-day gain of +15,793%, and Hyperliquid L1 at $46.76M, yielding a ratio of ~12:1 (exceeding the claimed ~10x). Both CryptoAdventure and MEXC News (May 17, 2026) independently confirm the $450M+ surge in four days and the ~10x Hyperliquid comparison, citing DeFiLlama. The official @solana account's May 14 retweet of Kamino's $100M USDe milestone corroborates the growth trajectory. The only minor discrepancy is that current data shows the ratio has grown beyond 10x to ~12x, meaning the claim's '~10x' figure was accurate at the time of reporting but has since been exceeded. No conflicting evidence was found.
Summary
Ethena’s USDe supply on Solana increased by more than $450 million over a four-day period, according to DefiLlama (decentralized finance data tracker). The data indicates that USDe circulating on Solana is now almost 10 times larger than the supply on HyperliquidX Layer 1 (base blockchain network). The move points to a rapid expansion of the synthetic dollar token across blockchain ecosystems and highlights Solana’s growing role as a venue for stable-value crypto activity.
Terms & Concepts
- USDe: A synthetic dollar token designed to track the value of the U.S. dollar using crypto-based mechanisms rather than relying solely on traditional cash reserves.
- Layer 1: A base blockchain network that processes and settles transactions on its own chain, rather than relying on another blockchain.
- DefiLlama: A digital asset data platform that tracks decentralized finance activity, including token supply and total value across blockchain networks.