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Analysis: Ethena Moves Closer to Protocol Fee Sharing Plan, USDe Supply Reaches Historic High of $12.43 Billion
Summary: In breaking news, over the past month, the supply of USDe has surged by 42%, reaching a historic high of $12.43 billion, with protocol revenue also hitting its highest level since the beginning of the year, surpassing $61 million in August. USDe currently ranks as the third largest USD stablecoin, behind USDT and USDC, while ...
In breaking news, over the past month, the supply of USDe has surged by 42%, reaching a historic high of $12.43 billion, with protocol revenue also hitting its highest level since the beginning of the year, surpassing $61 million in August. USDe currently ranks as the third largest USD stablecoin, behind USDT and USDC, while Ethena has become the fifth largest DeFi protocol by deposit size. The market is now focused on Ethena's fee conversion plan, where ENA governance token holders will soon have the opportunity to receive a portion of the protocol's profits for the first time. Ethena Labs had previously set three milestones that needed to be achieved before the protocol fee switch could be activated: USDe's circulating supply needed to exceed $6 billion, the protocol's cumulative revenue needed to reach $250 million, and USDe tokens had to be integrated into four of the top five centralized exchanges by derivative trading volume. The first two indicators have been met, with only the integration into centralized exchanges remaining.
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Link: Analysis: Ethena Moves Closer to Protocol Fee Sharing Plan, USDe Supply Reaches Historic High of $12.43 Billion [Copy]
