[Ethena USDe’s revenue exceeds Solana’s and its market value reaches US$3 billion]
USDe, a synthetic U.S. dollar stablecoin launched by Ethena Labs, has achieved significant community adoption, making it the fourth most valuable stablecoin in the market.
The achievement comes at a noteworthy moment, as the stablecoin has surpassed the performance of the entire Solana blockchain in revenue generation over the past week.
According to CryptoSlate, the supply of the USDe stablecoin has exceeded $3 billion since its public launch in February. This astonishing growth rate makes USDe the fastest-growing U.S. dollar asset in crypto history. Its market value now exceeds that of Binance’s touted FDUSD stablecoin and is second only to MakerDAO’s DAI.
Notably, USDe’s market value already exceeds the combined value of all stablecoins on the Solana blockchain. Data from DeFillama shows that the rapidly growing USDe currently accounts for about 2% of the entire stablecoin market share.
Regarding this milestone, DeFi analyst Patrick Scott said that the focus will be whether USDe can maintain this growth, develop deep liquidity, and further integrate into the DeFi ecosystem.
USDe’s exponential growth can be attributed to its high yield of over 30% and adoption by major crypto projects such as MakerDAO and Bybit exchanges. However, some market experts have criticized USDe’s inclusion of Bitcoin as its synthetic U.S. dollar-backed asset, voicing concerns about potential contagion risks in the wider market.
Over the past week, Ethena’s USDe emerged as the highest-grossing decentralized application (DApp), generating an impressive $7 million in revenue. That figure surpasses Solana’s $6.3 million in revenue during the same period.
Notably, Token Terminal data shared on X by Ethena founder Guy Young showed that only Tron and Ethereum surpassed the performance of this DApp in terms of revenue generation.
This stunning achievement confirms Token Terminal’s prediction that Ethena is on track to generate up to $222.5 million in revenue over the next 12 months.
Delphi Labs CEO José Maria Macedo said that Ethena Labs is expected to become the highest-grossing encryption project on the market. He said: “USDe will become one of the largest stablecoins in 2024, surpassing USDC and USDT.Ethena will become the highest-grossing project in the entire crypto market. "
