USDe overtakes Solana in revenue
Ethena Labs' USDe stablecoin, has achieved immense traction within the community, ascending to the rank of the fourth most substantial stablecoin by market cap.
This milestone arrives as the stablecoin overtakes Solana's blockchain in terms of revenue collected over the last week.
USDe's circulation reaches beyond $3 billion
Circulation volume of USDe has eclipsed $3 billion, a mere four months following its debut in February. This swift expansion positions USDe as the quickest expanding dollar-anchored crypto asset to date. Currently, its market dominance now outpaces the Binance-endorsed FDUSD stablecoin, sitting just behind MakerDAO's DAI.
Remarkably, the market value of USDe has surpassed the aggregate value of all stablecoins within the Solana ecosystem. DeFiLlama's figures reveal that USDe's swiftly increasing share now constitutes about 2% of the global market for stablecoins.
The surge in USDe's popularity is largely due to its alluring yield rates exceeding 30%, alongside its endorsement by leading crypto initiatives such as MakerDAO and the Bybit trading platform. Nevertheless, its strategy of leveraging Bitcoin as a secure base for the synthetic dollar has been met with skepticism by some industry analysts, who caution about the potential market-wide risks.
Revenues growth
In the span of the previous week, Ethena's USDe crowned itself as the most lucrative decentralized application (DApp), raking in an impressive $7 million in revenue. This total surpasses that of the Solana blockchain, which stood at $6.3 million in the same timeframe.
Token Terminal data, as shared by Ethena's founder Guy Young on X, puts USDe's revenue yield just behind those of Tron and Ethereum.
This significant revenue feat reinforces predictions by Token Terminal of Ethena's ability to generate a remarkable $222.5 million in revenue in the upcoming 12 months.
