Ethena, the protocol powering the USDe artificial greenback, raked in $6.53 million in charges during the last 24 hours, cementing its place as the highest fee-generating decentralized software (dApp) within the crypto area, in accordance with information from DeFillama.
Seraphim Czecker, Ethena Labs’ Head of Progress, shared insights from Token Terminal, affirming the undertaking’s exceptional milestone. Czecker’s information signifies that Ethena amassed roughly $6.8 million in charges over the previous week, outpacing rivals like MakerDAO and Arbitrum.
But, in comparison with main blockchain networks, its income pales compared. Tron and Ethereum, as an 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 staff 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 undertaking debuted with a staggering 27.6% annual proportion yield (APY), surpassing the 20% yield supplied 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 corresponding to Arthur Hayes, Brevan Howard, Franklin Templeton, Galaxy Digital, and Binance Labs.
In a current replace, Hayes, the co-founder of the BitMEX change, predicted that the undertaking might flip Tether’s USDT dominance within the business.
Hayes stated:
“I consider that Ethena can eclipse Tether as the most important stablecoin. [However,] it’s going to take a few years for this prophecy to present itself.”
Fast progress
Since its mainnet launch, USDe has skilled exponential progress, witnessing a staggering 44% surge in whole worth locked over the previous week and a powerful 409% surge during the last month, reaching $838 million, in accordance with DeFillama information.
This speedy progress has contributed to USDe’s improvement into one of many high 10 stablecoins by market capitalization, reaching this milestone in lower than three weeks.
Market analysts have attributed this exceptional progress to the undertaking’s attractive staking yield. Ethena, as acknowledged on its web site, affords 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 fee stands at a powerful 58.35%, as per information out there on its web site.
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