Ethena cumulative protocol fees hit $1.061 billion
- —Cumulative Ethena fees reached $1.061 billion over 34 months
- —Protocol TVL is about $5.19 billion, USDe TVL $4.76 billion
- —USDe market cap is $4.8 billion; ENA is around $3.2 billion
- —Fees come from issuance, redemption and holding of USDe
Why it matters: Ethena shows that a perpetuals-backed synthetic dollar can generate durable revenue, though its yield depends on funding rates.
Source: ChainCatcher 链捕手