Protocol fee revenue is a hard indicator of real demand for DeFi projects. Ethena launched at the end of 2023, and cumulative fees from USDe have already surpassed $1 billion. Demand for minting, redeeming, and hedging synthetic dollars continues to grow. As the fee curve trends upward, tokens from projects like this have fundamentals supporting them.
Current prices: ENA at $0.2375, up 7.7% in 24 hours. Fee data and price are strengthening together. Follow the trend once momentum is confirmed, but don't chase highs. If a pullback holds above the day's launch range, it could be a good spot to add. ETH at $2,537, up
Current prices: ENA at $0.2375, up 7.7% in 24 hours. Fee data and price are strengthening together. Follow the trend once momentum is confirmed, but don't chase highs. If a pullback holds above the day's launch range, it could be a good spot to add. ETH at $2,537, up