How Ethena Surpassed PancakeSwap and Jupiter with $3.28M in Daily Revenue.
In the competitive world of decentralized finance (DeFi), Ethena has recently made headlines by surpassing popular platforms like PancakeSwap and Jupiter, achieving an impressive daily revenue of $3.28 million. This achievement marks Ethena as the third-largest protocol by daily fees, trailing only behind major stablecoin issuers Tether (USDT) and Circle (USDC).
Ethena’s innovation is its Ethereum-based decentralised stablecoin, USDE. This stablecoin has gained great popularity, as seen by a recent increase in its market capitalisation to $5.4 billion. The 24-hour trading volume for USDE increased by an astonishing 23.6%, reaching $63 million in a single day.
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Ethena’s daily revenue success is mostly due to the stablecoin’s performance, with transaction fees making a significant contribution to the protocol’s revenue stream. These findings demonstrate an increasing interest and trust in Ethena, which continues to develop and improve its position in the DeFi area.
As we look at the bigger picture, it’s evident that Ethena’s development reflects the growing need for decentralised financial solutions, particularly stablecoins. The DeFi market is rapidly evolving, with companies like as Ethena pushing the bounds of daily revenue and usage.
