Ethena USDe Overtakes Solana, Hits $3 Billion Market Cap!
Ethena Labs' USDe, a synthetic dollar stablecoin, has surged in popularity, becoming the fourth-largest stablecoin by market cap. This rise is notable as it recently outperformed the entire Solana blockchain in revenue generation.
Key Highlights:
USDe Supply Crosses $3 Billion: Just four months post-launch, USDe's supply has surpassed $3 billion, making it the fastest-growing USD-pegged asset in crypto history. It now holds approximately 2% of the overall stablecoin market share.
Surpassing Competitors: USDe's market cap has exceeded all stablecoins on the Solana blockchain and is only behind MakerDAO's DAI.
Revenue Leader: In the past week, Ethena's USDe generated $7 million in revenue, outpacing Solana's $6.3 million. Only Tron and Ethereum have outperformed it in DApp revenue.
Industry Insights:
DeFi analyst Patrick Scott highlights the focus on USDe's ability to sustain growth and integrate further into the DeFi ecosystem. Ethena's success is attributed to a high yield rate of over 30% and adoption by major crypto projects like MakerDAO and Bybit exchange.
However, some experts have raised concerns about USDe’s use of Bitcoin as a backing asset, citing potential market risks.
Ethena Labs is projected to generate $222.5 million in revenue over the next 12 months, positioning it as a leading revenue generator in the crypto market.
Disclaimer: This post is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research before investing in any financial assets.
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