Ethena Overtakes PancakeSwap and Jupiter with $3.28M Daily Revenue

Ethena, an Ethereum-based decentralized stablecoin protocol, has recently surpassed prominent platforms like PancakeSwap and Jupiter in daily revenue, reaching $3.28 million. This surge has positioned Ethena as the third-largest protocol in terms of daily fees, just behind Tether and Circle. The fees were generated from the stablecoin USDE, which has seen a significant increase in market activity. USDE now holds a market cap of $5.4 billion, with its 24-hour trading volume rising by 23.6% to $63 million.

Despite this impressive feat, Ethena still lags behind Tether and Circle in terms of daily revenue. At present, Circle’s USDC has earned $6.12 million, while Tether continues to lead with $18.31 million in daily fees. Nonetheless, Ethena has managed to outpace several major protocols, including PancakeSwap, Jupiter, Meteora, Uniswap, and Tron. PancakeSwap generated $2.54 million in daily revenue, while Jupiter earned $1.99 million.

Following this surge in daily revenue, Ethena’s native token, ENA, saw a price increase of over 4%, pushing its market cap closer to $2 billion. Additionally, Ethena has been making moves to strengthen its financial standing. The protocol recently allocated $200 million to BlackRock’s tokenized U.S. Treasury fund, BUIDL, which further highlights its growing influence in the DeFi ecosystem.

Ethena’s launch of its second stablecoin, USDtb, back in December has also contributed to the protocol’s expansion. Unlike conventional stablecoins, USDtb is backed by BUIDL and offers yield generation, attracting investors seeking passive income opportunities.