According to BlockBeats, on August 5, according to DeFiLlama data, based on the revenue of the past 30 days (revenue of the past 30 days x 12), Ethena Labs' annual revenue is approximately negative US$32.95 million.

Official data shows that the current TVL of the Ethena Labs platform is $3.18 billion, and the reserve funds are $46.5 million. 48% of the collateral is BTC, 30% is ETH, 10% is ETH LST, and 12% is USDT.

BlockBeats Note: Ethena's USDe currently relies on collateral BTC, stETH and its inherent income, while creating short positions in Bitcoin and ETH to balance Delta and use perpetual/futures funding rates to maintain anchoring and provide income. Simply put, while enjoying the ETH staking income, it opens a 1x short order of the same size as its spot position on CEX to earn funding rates. However, in the downward trend of the market, the funding rate turns negative, causing the protocol to pay fees to CEX to maintain its contract positions. (But continuous negative rates in a year are usually extremely rare)