HostUSDE vs INECLA — price, size and safety, side by side
USDE (Ethereum) vs INECLA (Arbitrum) — every figure is the freshest dated measurement we hold for that token, never a live-feed guess. Prices stamped 2026-10-17 / 2026-10-11.
USDE vs INECLA — normalized performance, 2026-09-21 to 2026-10-11T21:15:40
| USDE | INECLA | |
|---|---|---|
| Price | $1.00 | $0.000002722 |
| Market cap | $4.80B | $26.24K |
| 24h volume | $15.40M DEX | $8.09 DEX |
| Liquidity | $13.17M | $8.18 |
| FDV | $4.80B | $272.19 |
| Holders | 48,976 | 2,243 |
| Age (days) | 84 | 1 |
| Safety grade | B | C |
Where they differ
- USDE measures ~182,870× the market cap of INECLA
- USDE measures ~1,610,384× the liquidity of INECLA
- USDE measures ~1,903,336× the 24h volume of INECLA
- USDE measures ~22× the holder count of INECLA
- over the shared window USDE moved −0.22% while INECLA moved −100.0%
What the data says
USDE
USDe is Ethena's synthetic dollar — a stablecoin that holds its peg not with bank deposits but with a delta-neutral trade: spot crypto collateral (staked ETH, liquid stables) hedged by short perpetual futures, so the portfolio's dollar value stays flat whatever the market does. The contract 0x4c9edd5852cd905f086c759e8383e09bff1e68b3 is the canonical Ethereum deployment — USDe also exists on Solana under a different mint, where it is one of the deeper stable pools in our corpus. Our October 9, 2026 read shows $13.2 million of tracked pool liquidity on the mainnet venues.
The honest mechanics: USDe's yield is not magic — it is the funding-rate spread between staking yield and the perp market's willingness to pay longs, and that spread can and does go negative. When funding flips, Ethena pays the hedge instead of earning it, and the carry can invert into a slow bleed. The second layer is counterparty: the short positions sit on offshore exchanges through settlement custody, so exchange failures or frozen collateral are real, non-theoretical risks — the design survived the October 2025 liquidation cascade, which is evidence, not a guarantee. It is also not the same risk shape as UST: USDe is fully collateralized at inception; the failure mode is a sustained negative-funding grind plus a custody break, not a mint-redeem death spiral.
INECLA
INECLA — Inference Labs — is a one-day-old Arbitrum token at 0x583ec1d1b8a2cf085b4ef2cc38b9b6d1c7079b63, priced at a fully diluted $272.2 across 2,243 wallets on the October 6, 2026 snapshot.
The first-day structure carries two watch items: the deployer wallet holds 9.35% of supply — above the scanners' flag line — and the top ten control about 84.7%, while contract-level controls were not assessed. The debut tape is $8.2 of tracked liquidity against $81.0 thousand of volume — a thin book running hot.
FAQ
Which is bigger, USDE or INECLA?
By tracked market cap: USDE (Ethereum) measures $4.80B and INECLA (Arbitrum) measures $26.24K — dated snapshots, not a live feed.
Which is safer, USDE or INECLA?
On the contract checks we publish: USDE (Ethereum) grades B and INECLA (Arbitrum) grades C. A grade is a structural check on the contract, not a promise about the asset.
How have USDE and INECLA performed over the shared window?
Between 2026-09-21 and 2026-10-11T21:15:40, the measured snapshots show USDE at −0.22% and INECLA at −100.0%.
The grade column is the one CMC's compare page cannot print — our grade is computed from the contract itself (mint/freeze authority, liquidity, holder concentration). Changes are measured over the shared window stated on the chart, 2026-09-21→2026-10-11T21:15:40; a token with fewer measured points measures a shorter span inside it.
Figures are dated on-chain snapshots, not a live feed. Safety grades are structural checks — not investment advice. Free · no signup · a HostDeFi product.