金色财经 reported that since July, the yield protocol Ethena has seen nearly $1 billion in funds exit, which represents a decrease of 27% in the token's supply. Meanwhile, the governance token ethena (ENA) has dropped by 85% from its high point in April. Additionally, the funding rate for perpetual futures contracts on USDe, a primary source of earnings for Ethena, has dropped to near zero in recent weeks. In March, this rate reached an annualized level of 40%-70%. DefiLlama noted that the yield on USDe fell from over 50% at its peak in March to 4.4%, which is lower than less risky investment products such as conventional money market funds or other digital tokens supported by the US Treasury. CryptoQuant analyst Julio Moreno explained that lower funding rates have diminished the appeal of holding and staking USDe.