cryptoslate.com
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.
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.”