Decentralized stablecoin project Ethena Labs explained the reason for the significant decrease in the sUSDe annual yield on the X platform. According to data disclosed by Ethena Labs, the sUSDe APY generated is 44.3%, but the sUSDe APY paid is only 15.2%. Ethena Labs stated that reducing sUSDe payments is to ensure a slow and controlled rollout of products, in case of any need during protocol development. The retained USDe will be held by the protocol and distributed to holders later. Ethena Labs stated that APY may change over time and is not guaranteed, and may be negative when there is too much leverage demand in the system to go long on cryptocurrencies. High yields are just a manifestation of capital supply and demand imbalances within the system, like any interest rate. In addition, Ethena Labs also disclosed on-chain transaction receipts to share detailed information on calculating APY with the community to ensure transparency.