According to BlockBeats, data from DeFiLlama on August 5 indicates that Ethena Labs has an estimated annual revenue of approximately negative $32.95 million, based on the past 30 days' revenue multiplied by 12. Official data shows that Ethena Labs currently has a Total Value Locked (TVL) of $3.18 billion and reserve funds amounting to $46.5 million. The collateral composition includes 48% BTC, 30% ETH, 10% ETH LST, and 12% USDT.

Ethena's USDe relies on collateral such as BTC and stETH, along with their inherent yields. The platform creates short positions in Bitcoin and ETH to balance Delta and uses perpetual/futures funding rates to maintain the peg and provide returns. Essentially, Ethena Labs earns staking yields from ETH while opening equivalent short positions on centralized exchanges (CEX) to earn funding rates. However, during market downturns, funding rates can turn negative, requiring the protocol to pay fees to maintain its contract positions on CEX. It is important to note that sustained negative funding rates throughout the year are extremely rare.