Ethena’s earning power

Ethena’s daily income reached US$6.8 million in the past week, making it the most profitable decentralized application (DApp).

According to Ethena’s official website, it is now issuing USDe stablecoins to more than 350,000 users, with an annualized rate of return of up to 67.2%. Data from DefiLlama shows that Ethena’s USDe market value has increased by 43% in the past week and 409% in a month, reaching a total value of US$840 million.

Ethena Labs officially debuted on the public chain on February 19 this year. USDe offered an annualized rate of return of 27.6% as soon as it came out, far exceeding the 20% given by Anchor Protocol. This is higher than TerraUSD (UST) was before the crash last May.

Ethena is building derivatives infrastructure to enable Ethereum to transform into a global internet bond via delta neutral positions on stETH, creating the first crypto-native, yield-generating stablecoin: USDE