On-Chain Metrics

USDE Cost Basis Concentration

Ethena USDe on-chain: Measures how clustered or dispersed the cost basis distribution is using the Gini coefficient. High concentration means most supply is clustered at similar price levels, the market is fragile because a single price move puts many holders in the same profit/loss position simultaneously, triggering cascading sell pressure. Low concentration indicates dispersed cost bases across many price levels, a more resilient market structure that can absorb price moves without systemic reactions.