Ethena has achieved a remarkable milestone, with its daily revenue now exceeding that of PancakeSwap and Jupiter, placing it just behind Tether and Circle. Following this success, ENA experienced a 4% increase.
Recent statistics indicate that Ethena (ENA) has climbed the ladder to become the third largest protocol by daily fees. In the last 24 hours, this Ethereum-based decentralized stablecoin protocol has generated approximately $3.28 million in fees from the stablecoin USDE (USDE).
As reported, USDE’s market capitalization stands at $5.4 billion. In addition, its trading volume over the past 24 hours has surged by 23.6% from the previous day, reaching $63 million. The circulating supply of the stablecoin is currently at 5.4 billion USDE.
Despite its impressive performance, the Ethereum-based protocol still trails behind other stablecoin issuers, Tether (USDT) and Circle (USDC), in terms of daily revenue. At the moment, Circle has accrued $6.12 million in fees, while Tether holds a significant lead with $18.31 million.
Ethena’s daily revenue surpasses that of significant protocols such as PancakeSwap (CAKE), Jupiter (JUP), Meteora, Uniswap (UNI), and Tron (TRX). In the past 24 hours, PancakeSwap recorded $2.54 million in revenue, while Jupiter achieved $1.99 million. Close behind Jupiter are Meteora at $1.89 million and Uniswap at $1.73 million.
Shortly after Ethena’s ascent in the rankings, the protocol’s native token, ENA, saw a rise of over 4%. The token’s market cap is now nearly $2 billion, accompanied by a trading volume of $282 million within 24 hours.
Just the day before, Ethena invested $200 million into BlackRock’s tokenized U.S. Treasury fund, BUIDL. Furthermore, the protocol introduced its second stablecoin, USDtb, last December. Supported by BUIDL, USDtb has experienced rapid growth in supply. Unlike traditional stablecoins, USDtb generates yield, making it an appealing investment for those seeking passive income.