CryptoMediaClub
Sunday, June 15, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Analysis

Ethena USDe overtakes Solana in revenue, hits $3 billion market cap

04.06.2024
A A
0
132
VIEWS
ShareShare

Ethena Labs’ USDe, a synthetic dollar stablecoin, has garnered significant community adoption, propelling it to become the fourth-largest stablecoin by market capitalization.

This achievement comes at a notable juncture, as the stablecoin surpassed the entire Solana blockchain in revenue generation within the past week.

USDe supply crosses $3 billion

According to data from CryptoSlate, the supply of the USDe stablecoin has 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 the Binance-favored FDUSD stablecoin and trails behind MakerDAO’s DAI.

Notably, USDe’s market cap has exceeded the combined value of all stablecoins on the Solana blockchain. Data from DeFillama indicates that the rapidly growing USDe currently accounts for approximately 2% of the overall stablecoin market share.

Speaking on this milestone, DeFi analyst Patrick Scott said the focus would be on whether USDe can sustain this growth, develop deep liquidity, and further integrate into the DeFi ecosystem.

USDe’s exponential growth can be attributed to its high yield rate of over 30% and adoption by major crypto projects like MakerDAO and the Bybit exchange. However, some market experts have criticized USDe’s incorporation of Bitcoin as a backing asset for its synthetic dollar, expressing concerns about potential contagion risk for the broader market.

Revenue generation

During the past week, Ethena’s USDe emerged as the highest-earning decentralized application (DApp), generating an impressive $7 million in revenue. This figure surpasses Solana’s $6.3 million revenue during the same period.

Notably, the Token Terminal data shared by Ethena founder Guy Young on X showed that only Tron and Ethereum outperformed the DApp’s revenue generation.

Ethena USDe revenue generation
Crypto projects revenue generation (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, the CEO of Delphi Labs, stated that Ethena Labs is poised to become the highest revenue-generating crypto project in the market. He said:

“USDe will become the largest stablecoin outside of USDC/USDT in 2024. Ethena will become the highest revenue-generating project in all of crypto.”

The post Ethena USDe overtakes Solana in revenue, hits $3 billion market cap appeared first on CryptoSlate.

Share10Tweet6ShareSharePin2

Related Posts

Ethereum ETF inflows reach second-highest level in 2025 as ETH’s market confidence climbs
Analysis

Ethereum ETF inflows reach second-highest level in 2025 as ETH’s market confidence climbs

12.06.2025
0

Investor demand for Ethereum-backed spot exchange-traded funds (ETFs) is heating up amid the asset’s bullish price moves. According to data...

Read moreDetails
70% of $1B Plasma deposits held by top 100 wallets, showing concentrated interest in XPL sale

70% of $1B Plasma deposits held by top 100 wallets, showing concentrated interest in XPL sale

12.06.2025
Bitcoin dips as Trump finalizes tariff deals with China

Bitcoin dips as Trump finalizes tariff deals with China

11.06.2025
Bitcoin holding $100k psychological floor amid recent dip signals robust investor sentiment

Bitcoin holding $100k psychological floor amid recent dip signals robust investor sentiment

11.06.2025
Ethereum Foundation releases first 1TS outlining roadmap to tackle security challenges

Ethereum Foundation releases first 1TS outlining roadmap to tackle security challenges

11.06.2025
Load More
Next Post
SOFTSWISS Consolidates iGaming Community and Develops Actively

SOFTSWISS Consolidates iGaming Community and Develops Actively

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Blockchain adoption ‘accelerating very quickly’ in big finance — Franklin Templeton exec

Blockchain adoption ‘accelerating very quickly’ in big finance — Franklin Templeton exec

1 year ago
Ethereum futures ETFs garner lukewarm reception on first day of trading

Ethereum futures ETFs garner lukewarm reception on first day of trading

2 years ago
NEAR Price Surges 13% Post Partnership With Alibaba Cloud

NEAR Price Surges 13% Post Partnership With Alibaba Cloud

2 years ago
Organizations Accept Cryptocurrency Donations to Help Those Impacted By Hurricanes Helene and Milton

Organizations Accept Cryptocurrency Donations to Help Those Impacted By Hurricanes Helene and Milton

8 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

Seven Solana ETF Filings Hit SEC — But Is Approval Still a Long Shot?

Trending

Forget Just Gold, Bitcoin Is Coming for $30T Bond Market Too: Bitwise CEO
All news

Forget Just Gold, Bitcoin Is Coming for $30T Bond Market Too: Bitwise CEO

15.06.2025
0

Bitcoin’s potential as a store-of-value asset now extends beyond the gold market, according to Bitwise CEO Hunter...

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025
Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

Trump’s Crypto Bet Pays Off: Over $600M Reported in 2024 Earnings

15.06.2025

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025

Missed $PEPE or $WIF? Snorter Helps You Win the Meme Coin Game – ICO Hits $900K 

15.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz