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#Ethena's cumulative protocol fees reach $1.061 billion
A synthetic dollar project has accumulated over a billion dollars in fees.
Ethena launched in late 2023.
Cumulative protocol fees: $1.061 billion.
Over a period of about 34 months.
Where does the money come from?
Fees are charged on issuance, redemption, and holding.
It is backed by collateral and perpetual futures positions.
The model differs from reserve-backed stablecoins.
Yield is shared with stakers and governance token holders.
How big is it?
USDe has a market cap of about $4.8 billion.
The protocol has about $5.2 billion in total value locked.
The ENA governance token has a market cap of about $3 billion.
Fees measure accrued income, before operating costs are deducted.
The key is the structure.
Perpetual positions incur ongoing funding payments.
In one-sided markets, these costs can grow.
With good hedging, it’s a yield machine.
With poor hedging, the discount can eat into net asset value.
For crypto, synthetic stablecoins are a public test of hedging skills. This fee report is the scorecard.
Do you think synthetic stablecoin yields can hold up over the long term? Let’s discuss in the comments.
#Ethena's cumulative protocol fees reach $1.061 billion
A synthetic dollar project has accumulated over a billion dollars in fees.
Ethena launched in late 2023.
Cumulative protocol fees: $1.061 billion.
Over a period of about 34 months.
Where does the money come from?
Fees are charged on issuance, redemption, and holding.
It is backed by collateral and perpetual futures positions.
The model differs from reserve-backed stablecoins.
Yield is shared with stakers and governance token holders.
How big is it?
USDe has a market cap of about $4.8 billion.
The protocol has about $5.2 billion in total value locked.
The ENA governance token has a market cap of about $3 billion.
Fees measure accrued income, before operating costs are deducted.
The key is the structure.
Perpetual positions incur ongoing funding payments.
In one-sided markets, these costs can grow.
With good hedging, it’s a yield machine.
With poor hedging, the discount can eat into net asset value.
For crypto, synthetic stablecoins are a public test of hedging skills. This fee report is the scorecard.
Do you think synthetic stablecoin yields can hold up over the long term? Let’s discuss in the comments.