Solana
Ethena USDe Overtakes Solana in Revenue, Reaches $3 Billion Market Cap
USDe from Ethena Labsa synthetic dollar stable coinhas been widely adopted by the community, propelling it to become the fourth largest stablecoin by market capitalization.
This achievement comes at a notable time, as the stablecoin has surpassed the entire Solana blockchain in revenue generation over the past week.
USDe supply exceeds $3 billion
According to CryptoSlate data, USDe stablecoin supply surpassed $3 billion four months after its public launch in February. This remarkable growth rate makes USDe the fastest growing USD-pegged asset in crypto history. Its market capitalization now exceeds that favored by Binance FDUSD stablecoin and lags behind MakerDAO’s DAI.
Notably, the market capitalization of USDe has exceeded the combined value of all stablecoins on the Solana blockchain. Data DeFillama reports that the rapidly growing USDe currently accounts for around 2% of the overall stablecoin market share.
Speaking on this milestone, DeFi analyst Patrick Scott said the focus would be on whether USDe can support this growth, develop significant liquidity, and further integrate into the DeFi ecosystem.
The exponential growth of USDe can be attributed to its high rate of return of over 30% and its adoption by large crypto projects like MakerDAO and the Bybit exchange. However, some market experts have criticized USDe’s incorporation of Bitcoin as a supporting asset to its synthetic dollar, expressing concerns about the potential risk of contagion for the entire market.
Revenue generation
Over the past week, Ethena’s USDe became the highest-earning decentralized application (DApp), generating an impressive $7 million in revenue. This figure exceeds Solana’s $6.3 million in revenue during the same period.
In particular, Token Terminal data sharing by Ethena founder Guy Young on X showed that only Tron and Ethereum outperformed the DApp’s revenue generation.
Revenue generation from crypto projects (Source: X/Leptokurtic_)
This remarkable achievement lends credence to the prediction made by Token Terminal that Ethena is on track to generate a staggering $222.5 million in revenue over the next 12 months.
José Maria Macedo, CEO of Delphi Labs, said that Ethena Labs is poised to become the most revenue-generating crypto project on the market. He said:
“USDe will become the largest stablecoin outside of USDC/USDT in 2024. Ethena will become the most revenue-generating project in all of crypto.”