Ethena’s Rising Revenue

Ethena’s daily revenue has surpassed PancakeSwap and Jupiter, trailing only behind Tether and Circle. Following this achievement, the ENA token rose 4%.

According to data from DeFi Llama, Ethena (ENA) has become the third largest protocol by daily fees. In the past 24 hours, this Ethereum-based decentralized stablecoin protocol accumulated around $3.28 million from fees generated by its stablecoin, USDE (USDE).

USDE’s market cap stands at $5.4 billion, while its 24-hour trading volume has increased by 23.6% from the previous day, reaching $63 million. The stablecoin has a circulating supply of 5.4 billion USDE.

Despite its progress, Ethena still trails behind Tether (USDT) and Circle (USDC) in daily revenue. Circle has collected $6.12 million in fees, while Tether commands a lead with $18.31 million.

Ethena has surpassed major protocols such as PancakeSwap (CAKE), Jupiter (JUP), Meteora, Uniswap (UNI), and Tron (TRX) in daily revenue. In the past 24 hours, PancakeSwap gained $2.54 million, while Jupiter accumulated $1.99 million. Meteora follows closely with $1.89 million, and Uniswap has $1.73 million.

Shortly after Ethena’s rise, the native token ENA gained over 4%. The token has reached a market cap of nearly $2 billion with a 24-hour trading volume of $282 million.

Additionally, Ethena allocated $200 million to BlackRock’s tokenized U.S. Treasury fund, BUIDL. Last December, the protocol launched a second stablecoin, USDtb, backed by BUIDL. Unlike conventional stablecoins, USDtb produces yield, making it an attractive investment for those seeking passive income.

Read more: Ethena officially launches USDtb, stablecoin backed by BlackRock