In a notable achievement, Ethena’s daily revenue has surpassed that of PancakeSwap and Jupiter, only trailing behind stablecoin giants Tether and Circle. This accomplishment was mirrored in the market, with the protocol’s native token, ENA, climbing 4%.
Data from DeFi Llama reveals that Ethena (ENA), an Ethereum (ETH)-based decentralized stablecoin protocol, has become the third largest protocol by daily fees. Over the past 24 hours, Ethena has raked in approximately $3.28 million in fees, largely from its stablecoin USDE (USDE).
Crypto.news data puts USDE’s market capitalization at $5.4 billion. Its 24-hour trading volume has witnessed a significant uptick of 23.6% from the previous day, reaching $63 million. The stablecoin currently has a circulating supply of 5.4 billion USDE.
Despite this impressive performance, Ethena still trails behind Tether (USDT) and Circle (USDC) in daily revenue. Circle has generated $6.12 million in fees at the time of writing, while Tether maintains a comfortable lead with $18.31 million.
Ethena’s daily revenue now surpasses other major protocols such as PancakeSwap (CAKE), Jupiter (JUP), Meteora, Uniswap (UNI), and Tron (TRX). In the last 24 hours, PancakeSwap has accrued $2.54 million in daily revenue, with Jupiter close on its heels with $1.99 million. Meteora and Uniswap have generated $1.89 million and $1.73 million respectively.
Following Ethena’s leap in the rankings, the protocol’s native token, ENA, saw a surge of over 4%. The token has now reached a market cap of nearly $2 billion and a 24-hour trading volume of $282 million.
In a strategic move just a day earlier, Ethena allocated $200 million to BlackRock’s tokenized U.S. Treasury fund, BUIDL. The protocol launched its second stablecoin, USDtb, last December, backed by BUIDL. USDtb has witnessed a rapid increase in supply and, unlike conventional stablecoins, it produces yield, making it an attractive investment option for those seeking passive income.
Ethena’s performance is a testament to the strength and growing popularity of the protocol. As the DeFi sector continues to evolve, it will be interesting to follow Ethena’s trajectory and see if it can challenge the dominance of Tether and Circle in the stablecoin market.
