“Ethena, a decentralized application (DApp), has skyrocketed to become the highest-earning platform in the cryptocurrency realm, boasting a staggering $6.8 million in daily revenue over the past week. Seraphim Czecker, head of growth at Ethena Labs, proudly announced this feat on March 8.
The only blockchains surpassing Ethena’s revenue are Tron, raking in $38.6 million, and Ethereum, with a whopping $182.5 million in daily accumulated revenue over the past seven days.
According to Ethena’s official website, the platform currently yields a remarkable 67.2% profit on its native stablecoin, USDe, for over 350,000 users. DefiLlama data reveals that Ethena’s USDe market capitalization surged by 43% in the past week and an astounding 409% over the past month, reaching $840 million.
Ethena Labs made waves with the launch of USDe on the public mainnet on February 19. This rollout sparked widespread investor concerns, as USDe debuted with an annual percentage yield (APY) of 27.6%, significantly higher than the 20% returns offered by Anchor Protocol on the algorithmic stablecoin TerraUSD (UST) before its collapse in May 2022.