The protocol has crossed a cumulative revenue milestone, while its total value locked remains below nearly $15 billion reached at 2025 highs.
Ethena has generated more than $1 billion in total fees, marking a notable milestone for the protocol as competition in yield-generating crypto products intensifies. Its total value locked, or TVL (assets deposited in a protocol), stands at $4.25 billion, down from nearly $15 billion at its 2025 highs. The figures indicate that Ethena has maintained significant fee generation even as capital deployed on the platform has retreated from peak levels.