Ethena Overtakes PancakeSwap and Jupiter, Generating $3.28M Daily Revenue

Ethena has achieved a remarkable milestone by surpassing both PancakeSwap and Jupiter in daily revenue, now only behind Tether and Circle. Following this success, the price of ENA increased by 4%.

As reported by DeFi Llama, Ethena (ENA) has climbed the leaderboard to become the third-largest protocol in terms of daily fees. In the last 24 hours, this Ethereum (ETH)-based decentralized stablecoin protocol generated around $3.28 million in fees through the stablecoin USDE (USDE).

Data from crypto.news indicates that USDE’s market capitalization is currently at $5.4 billion. Additionally, its trading volume over the past 24 hours has surged by 23.6% compared to the previous day, totaling $63 million. The stablecoin boasts a circulating supply of 5.4 billion USDE.

Despite this growth, the Ethereum-based protocol still trails behind other stablecoin issuers like Tether (USDT) and Circle (USDC) regarding daily revenue. As of now, Circle has amassed $6.12 million in fees, while Tether leads significantly with $18.31 million.

Ethena’s daily revenue has surpassed that of prominent protocols such as PancakeSwap (CAKE), Jupiter (JUP), Meteora, Uniswap (UNI), and Tron (TRX). In the last 24 hours, PancakeSwap reported a daily revenue of $2.54 million, while Jupiter accumulated $1.99 million. Not far behind Jupiter are Meteora at $1.89 million and Uniswap at $1.73 million.

Following Ethena’s ascent, the protocol’s native token, ENA, experienced a rise of over 4%. The token’s market cap has approached nearly $2 billion, with a 24-hour trading volume of $282 million.

Just a day earlier, Ethena invested $200 million into BlackRock’s tokenized U.S. Treasury fund, BUIDL. Last December, the protocol introduced its second stablecoin, USDtb. Supported by BUIDL, USDtb has witnessed a swift increase in supply. Unlike traditional stablecoins, USDtb offers yield, making it an appealing choice for investors seeking passive income.