DailySun
Ethena has reached an impressive achievement by surpassing both PancakeSwap and Jupiter in daily revenue, now ranking just behind Tether and Circle. In light of this accomplishment, the price of ENA rose by 4%.
According to reports from DeFi Llama, Ethena (ENA) has moved up the ranks to establish itself as the third-largest protocol based on daily fees. In the past 24 hours, this Ethereum (ETH)-based decentralized stablecoin protocol generated approximately $3.28 million in fees via the stablecoin USDE (USDE).
Data provided by crypto.news shows that USDE currently holds a market capitalization of $5.4 billion. Furthermore, its trading volume in the last 24 hours has increased by 23.6% compared to the day before, reaching a total of $63 million. The stablecoin has a circulating supply of 5.4 billion USDE.
Despite this growth, the Ethereum-based protocol still lags behind other stablecoin issuers such as Tether (USDT) and Circle (USDC) in terms of daily revenue. Currently, Circle has accumulated $6.12 million in fees, while Tether leads with a substantial $18.31 million.
Ethena’s daily revenue has exceeded that of notable protocols like PancakeSwap (CAKE), Jupiter (JUP), Meteora, Uniswap (UNI), and Tron (TRX). Within the last 24 hours, PancakeSwap reported a daily revenue of $2.54 million, while Jupiter accumulated $1.99 million. Close behind Jupiter are Meteora with $1.89 million and Uniswap at $1.73 million.
In the wake of Ethena’s rise, the protocol’s native token, ENA, has seen an increase of more than 4%. The token’s market cap has nearly reached $2 billion, featuring a 24-hour trading volume of $282 million.
Just a day prior, Ethena allocated $200 million into BlackRock’s tokenized U.S. Treasury fund, BUIDL. Last December, the protocol launched its second stablecoin, USDtb. Backed by BUIDL, USDtb has rapidly increased its supply. Unlike conventional stablecoins, USDtb provides yield, making it an attractive option for investors seeking passive income.
