Surge in USDe Supply and Revenue
In a remarkable uptick, the supply of USDe has surged by an impressive 42% over the past month, peaking at $12.43 billion—an unprecedented milestone for the stablecoin. Concurrently, the revenue generated by the protocol has skyrocketed, crossing the $61 million mark in August, which is the highest level observed this year. This surge in revenue and supply places USDe firmly as the third-largest USD stablecoin, following only USDT and USDC in ranking.
Ethena’s Rise in the DeFi Sector
Meanwhile, Ethena has emerged as a significant player in the decentralized finance (DeFi) sector, now standing as the fifth-largest protocol in terms of total deposits. The current market spotlight is shining brightly on Ethena’s innovative fee conversion strategy. This initiative will enable holders of the ENA governance token to benefit from a share of the protocol’s profits for the very first time.
Ethena Labs’ Roadmap
Ethena Labs has set forth a clear roadmap consisting of three pivotal goals that must be accomplished prior to the activation of the protocol’s fee switch. These criteria include:
- The circulating USDe supply exceeding $6 billion,
- The cumulative revenue of the protocol achieving a total of $250 million, and
- Integrating the USDe token into four out of the top five centralized exchanges based on derivatives trading volume.
As it stands, the first two objectives have been successfully met, leaving only the integration into leading exchanges as the final hurdle.
