Ethena

Ethena is a decentralized finance application built primarily on Ethereum and deployed across several other networks including Arbitrum, Optimism, Avalanche, Solana, and Metis. Its central product is USDe, a synthetic dollar that aims to give users access to a dollar-denominated asset without relying on traditional bank reserves. The protocol targets users who want dollar-stable exposure within decentralized finance infrastructure.

Ethena generates USDe by combining crypto collateral with offsetting derivatives positions, a mechanism designed to keep the token pegged near one dollar regardless of market direction. ENA is the governance token of the protocol, giving holders influence over parameters and decisions that shape how the system operates. The token exists across multiple blockchain ecosystems, with the core logic anchored to the Ethereum network.

Over the trailing 30 days the protocol collected 17,895,173.90 USD in total fees, and over the trailing 12 months it collected 245,243,561.60 USD. The take rate for the trailing 30 days was 28.08 percent, meaning the protocol retained roughly that share of gross fees as revenue, with the remainder, 17,844,924.96 USD over the same 30-day window, distributed to the supply side, principally USDe holders and stakers. Protocol revenue for the trailing 30 days was 50,248.94 USD, and annualizing from that 30-day base produces 611,362.10 USD in protocol revenue against a market capitalization of 2,640,332,201 USD, giving a revenue yield of approximately 2.18 percent. Fee growth over the last 30 days was 212.21 percent, reflecting a sharp recent rise from a lower base.