According to DefiLlama data, crypto-revenue protocol Ethena has seen nearly $1 billion in outflows since July. This means the supply of the token has decreased by 27%. The protocol's governance token, ethena (ENA), has fallen 85% from its April high. At the same time, the funding rate for cryptocurrency perpetual futures, the main source of income for USDe, has fallen to near zero in the past few weeks. In March, the rate reached an annualized 40% -70%. According to DefiLlama, USDe's yield has fallen to 4.4% from a high above 50% in March, which is lower than that of less risky investment products, such as general money market funds or other digital token products backed by the US Treasury. "Lower funding rates make it less attractive to hold and pledge USDe," said Julio Moreno, analyst at CryptoQuant.