Seraphim Czecker, head of growth at Ethena Labs, stated in an X post on March 8 that Ethena had crossed $6.8 million in daily total income over the past week, making it the highest-earning decentralized application (DApp).
Only two blockchains, Tron ($38.6 million) and Ethereum ($182.5 million daily cumulative income over the past seven days), have generated more revenue than Ethena.
On its webpage, Ethena states that it currently provides over 350,000 consumers with a 67.2% yield on its USDe synthetic currency. DefiLlama data shows that Ethena’s USDe market value increased by 43% in the last week and 409% in the last month to $840 million.
On February 19, Ethena Labs introduced the USDe synthetic currency on the public mainnet. USDe, an Ethereum-based synthetic dollar, debuted with a 27.6% APY, sparking concerns as it surpassed Anchor Protocol’s 20% yield on TerraUSD, which collapsed in May 2022.
Guy Young, the creator of Ethena Labs, said in an exclusive interview on February 22 that the early worries about USDe’s yield are an indication of an industry evolving and healing from the collapse of the Terra ecosystem.
Since USDe’s yield is produced by staking returns and shorting Ether eternal future contracts, it can be independently verified, unlike the unsuccessful Anchor protocol, Young said.
Funding for Ethena Labs’ synthetic dollar totaled $14 million, the researchers announced on February 16. The venture capital firm Dragonfly supported the round. In 2023, the business secured $6 million in funding from an earlier round led by Binance Labs, Gemini, Bybit, OKX Ventures, Mirana Ventures, and Deribit.
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