LEVERAGE
sUSDe / USDe loops · DeFi concentration vs supplyCONCENTRATION
SOURCE UNAVAILABLEConcentration cannot be computed: required data missing. No value is interpolated (§4).
POSITIONS BY VENUE
| Venue | TVL | Δ 7d | Δ 30d | Spark 90d |
|---|---|---|---|---|
| Aave · sUSDe | 226.5M | — | — | — |
| Aave · USDe | 552.3M | — | — | — |
| Pendle · sUSDe | POOL UNRESOLVED | |||
Current TVL resolved at runtime (DefiLlama Yields, Ethereum chain, main market per pool). Δ 7d / 30d changes and the 90-day sparkline come with history (M2): they require the database history and are never interpolated.
WHY IT MATTERS
When a large share of USDe supply is locked in leveraged loops (sUSDe/USDe re-looped on Aave, Pendle positions), a price drop or a funding shock can force simultaneous unwinds.
These unwinds feed on each other: liquidations → sells → pressure on the peg → more liquidations. This is the cascade mechanism seen on 10 October 2025 (−40 % of supply, stress on sUSDe loops on Aave).
Monitoring concentration means measuring the size of this fuse before it lights — not predicting the spark. Read the founding note →