USDe Expands to BNB Chain

On April 2, Ethena's synthetic dollar ecosystem went live on BNB Chain, with USDe and sUSDe now available across PancakeSwap, Venus Protocol, and Pendle. While $4.9B are on Ethereum, BNB Chain already ranks fifth by USDe TVL, with $8.8M locked as of April 11, per Entropy’s dashboard. With liquidity incentives and integrations across major DeFi protocols, BNB Chain is positioning itself as a meaningful venue for USDe growth.

Coinbase x Morpho: $114M Supplied

Per ryanyyi’s dashboard, Coinbase Wallet users on Base supplied over $100M via Morpho in early April, reaching $114M as of April 11. $58M has been borrowed, reflecting strong demand for crypto-backed loans. The January integration of Coinbase Wallet and Morpho enables users to access USDC loans directly through the Coinbase app while leveraging Morpho’s open lending infrastructure. With more integrations expected, it’s a clear signal of how institutions may bring DeFi to a broader audience.

Magic Eden Goes Cross-Asset with Slingshot Deal

This week, Magic Eden acquired Slingshot, a trading app that enables users to buy any token on any chain using a single USDC balance. The move reflects a strategic shift as Magic Eden looks beyond NFTs toward fungible tokens. According to Sealaunch, nearly 60% of Magic Eden’s April volume came from Solana, 24.6% from Bitcoin, and just 17% from Ethereum. Despite its success with Bitcoin, the platform has struggled to gain traction on EVM chains—hildobby’s dashboard shows it accounts for less than 1% of total volume. This acquisition positions Magic Eden to diversify its product offering and compete in the wider onchain trading landscape, even with centralized exchanges.

Sonic Drives Silo to Record TVL

Silo Finance, the DeFi lending protocol with isolated risk markets, recently hit an all-time high TVL of $598M, according to the Silo team’s dashboard. This growth has been largely driven by its January expansion to Sonic, which now accounts for $448M—93.5% of total TVL. Arbitrum follows with $20M. Daily trading volume averages $70M, with over 95% coming from Sonic. While Arbitrum still leads in daily unique users (70K), Sonic is quickly gaining ground with 15K, and already commands over 80% of daily active users. March also saw a record 180K monthly transactions, with 165K of those on Sonic—underscoring its growing dominance within Silo’s ecosystem.

USDO Nears $100M as Adoption Grows

OpenEden’s USDO, a yield-bearing stablecoin backed by U.S. Treasury Bills and reverse repos, has seen rapid adoption since its January launch. According to Ouroboros Research, supply surpassed $50M by April 2 and climbed to $95M by April 11. Of these, $6M live on Base while the rest on Ethereum. Integrations with Morpho, Euler, and Pendle—via the launch of OpenEden Bills—have deepened liquidity and boosted DeFi incentives. As the search for stable, yield-generating assets intensifies, USDO is positioning itself at the intersection of DeFi and traditional finance.

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Dune Team

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