Ethena, the protocol powering the USDe artificial greenback, raked in $6.53 million in charges over the past 24 hours, cementing its place as the highest fee-generating decentralized software (dApp) within the crypto house, in accordance with data from DeFillama.
Seraphim Czecker, Ethena Labs’ Head of Progress, shared insights from Token Terminal, affirming the mission’s outstanding milestone. Czecker’s data signifies that Ethena amassed roughly $6.8 million in charges over the previous week, outpacing opponents like MakerDAO and Arbitrum.
But, in comparison with main blockchain networks, its income pales as compared. Tron and Ethereum, for example, boasted revenues of $38.6 million and $182.5 million, respectively.
What precisely is USDe?
USDe is a token pegged to the greenback’s worth, providing profitable yields. Although typically labeled as a stablecoin, the group eschews this time period, as an alternative favoring “artificial greenback.”
Ethena Labs launched the artificial greenback on the general public mainnet on Feb. 19 to widespread investor curiosity. On the time, the mission debuted with a staggering 27.6% annual proportion yield (APY), surpassing the 20% yield offered by Anchor Protocol on the TerraUSD (UST) algorithmic stablecoin earlier than its collapse in Might 2022.
USDe’s distinctive mannequin attracted $14 million in investments from outstanding gamers akin to Arthur Hayes, Brevan Howard, Franklin Templeton, Galaxy Digital, and Binance Labs.
In a latest update, Hayes, the co-founder of the BitMEX alternate, predicted that the mission may flip Tether’s USDT dominance within the trade.
Hayes mentioned:
“I consider that Ethena can eclipse Tether as the biggest stablecoin. [However,] it can take a few years for this prophecy to present itself.”
Speedy progress
Since its mainnet launch, USDe has skilled exponential progress, witnessing a staggering 44% surge in complete worth locked over the previous week and a powerful 409% surge over the past month, reaching $838 million, in accordance with DeFillama data.
This speedy progress has contributed to USDe’s growth into one of many prime 10 stablecoins by market capitalization, attaining this milestone in lower than three weeks.
Market analysts have attributed this outstanding progress to the mission’s engaging staking yield. Ethena, as said on its web site, provides a considerable 67.2% yield on its USDe artificial greenback.
Moreover, USDe now instructions a good portion of the worldwide ether perpetual futures open curiosity, comprising practically 8.69%. Notably, its common funding price stands at a powerful 58.35%, as per knowledge out there on its website.
Talked about on this article
Discussion about this post