Ethena has climbed to the third position in daily revenue among protocols, surpassing projects like PancakeSwap and Jupiter, while trailing behind Tether and Circle.
Ethena's Revenue Dynamics
According to DeFi Llama, Ethena accumulated approximately $3.28 million in fees over the past 24 hours. These fees were generated by the stablecoin USDE. USDE's market cap stands at $5.4 billion, and its daily trading volume increased by 23.6% to $63 million.
Competition with Major Stablecoin Issuers
Despite significant growth, Ethena remains behind Tether and Circle in daily revenue. Circle collected $6.12 million, while Tether leads with $18.31 million. Ethena surpassed PancakeSwap and Jupiter, which earned $2.54 million and $1.99 million respectively.
Impact on Ethena Token and Future Steps
Following the rise in daily revenue, Ethena's native token, ENA, increased by over 4%. The token's market cap is now nearly $2 billion, with a trading volume of $282 million. Recently, Ethena allocated $200 million to BlackRock's BUIDL fund. In December, the protocol launched a second stablecoin, USDtb, which increased supply and generates yield, attracting investors.
Ethena's achievements in daily revenue and the growth of the ENA token demonstrate the platform's effective strategy and its potential for future growth in competition with leading market players.
