Ethena Surges to Third in Daily Revenue, Outshining Major Protocols
Ethena has made a significant leap in the crypto world. Its daily revenue now ranks third, just behind Tether and Circle. This achievement has pushed Ethena ahead of well-known platforms like PancakeSwap and Jupiter. As an inevitable result, the ENA token has seen a 4% increase.
According to DeFi Llama, Ethena generated around $3.28 million in fees over the past 24 hours. These fees come from its stablecoin, USDE. The market cap of USDE is $5.4 billion, with a 24-hour trading volume of $63 million, up 23.6% from the previous day.
USDE, Ethena’s stablecoin, has a market cap of $5.4 billion. Its 24-hour trading volume reached $63 million. Despite this success, Ethena still trails behind Tether and Circle in daily revenue. Tether leads with $18.31 million, while Circle follows with $6.12 million.
Ethena’s rise is impressive. It has surpassed major protocols like PancakeSwap,Jupiter,Meteora,Uniswap,and Tron. PancakeSwap earned $2.54 million, Jupiter $1.99 million, Meteora $1.89 million, and Uniswap $1.73 million. The protocol’s native token, ENA, has seen a market cap of nearly $2 billion and a 24-hour trading volume of $282 million. The protocol’s success is due to its stablecoin, USDE. This Ethereum-based stablecoin has a circulating supply of 5.4 billion USDE. The protocol’s fees come from USDE transactions. However, Tether and Circle remain ahead with $18.31 million and $6.12 million, respectively.
Recently, Ethena allocated $200 million to blackrock’s tokenized U.S. Treasury fund, BUIDL. Last december, Ethena launched USDtb, its second stablecoin. Unlike traditional stablecoins,USDtb offers yield,making it an attractive option for passive income seekers.
Ethena’s growth is a testament to its innovative approach. Its second stablecoin, USDtb, is backed by blackrock’s BUIDL fund. This move has boosted its daily revenue. USDtb’s unique feature is its ability to generate yield, setting it apart from others. This feature has attracted many investors.
Ethena’s success is a sign of the growing interest in decentralized finance. its innovative approach has set it apart. The protocol’s native token, ENA, has also benefited. ENA’s market cap is almost $2 billion. The token’s value has risen by more than 4%. This yield-generating stablecoin is gaining traction. It’s a promising progress in the crypto space. For more details, visit DeFi Llama for more insights.
- Ethena’s daily revenue is now third, behind Tether and Circle.
- ENA’s market cap is almost $2 billion.
- USDtb, Ethena’s second stablecoin, is backed by BUIDL, a tokenized U.S. Treasury fund.
Ethena’s achievements highlight the potential of decentralized finance. Its success shows the potential of stablecoins.
