Ethena Labs' USDe stablecoin, a synthetic dollar pegged through arbitrage and yield trades, has reached a $3 billion supply just four months after its launch. The supply increased by $1 billion since April 5. This milestone makes USDe the fourth largest stablecoin, with nearly 2% market dominance. Ethena's USDe has also surpassed the total stablecoin supply on Solana and generated more revenue than Solana last week. Ethena Labs has seen a jump in staking rates from 16% to 23% due to favorable funding rates. Additionally, Ethena has partnered with Bouncebit to provide yield on Bitcoin at a significant scale. Solv Protocol will integrate Ethena to launch the first yield vault for SolvBTC, allowing users to earn yields from Ethena’s strategies while maintaining Bitcoin exposure. The synthetic stablecoin is now viewed as one of the best yield opportunities of 2024, with three consecutive weeks of over 40% revenue growth week-over-week.