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Ethena DeFi Stablecoin Protocol Captures $599 Million in Fees Since 2023 Launch

Token Terminal data reports Ethena achieved a record $151 million in fees in Q3, contributing to its total $599 million revenue since inception.

ENA

Summary

Token Terminal data reveals Ethena, a decentralized finance yield-bearing stablecoin protocol, earned approximately $151 million in fees during Q3, marking its highest quarterly performance to date. Since launching at the end of 2023, Ethena's cumulative revenue has now reached $599 million.

Terms & Concepts
  • DeFi: Short for decentralized finance, an ecosystem of blockchain-based financial applications without traditional intermediaries.
  • Yield-bearing stablecoin: A stable-value cryptocurrency that generates returns for holders, often through lending or staking mechanisms.
  • Captured fees: The total amount of fees collected by a protocol from user activity or transactions.