Ethena's daily revenue has surpassed PancakeSwap and Jupiter, trailing only behind Tether and Circle. Following this achievement, ENA rose 4%.

Ethena (ENA) has risen to become the third-largest protocol by daily fees, surpassing PancakeSwap and Jupiter, a new report by DeFi Llama has shown. In the past 24 hours, the Ethereum (ETH) decentralized stablecoin protocol has accumulated around $3.28 million.
These fees were generated from the stablecoin USDE (USDE). As of press time, USDE’s market cap stands at $5.4 billion. Meanwhile, its 24-hour trading volume has increased 23.6% to reach $63 million. The stablecoin has a circulating supply of 5.4 billion USDE.
However, the Ethereum-based protocol is still behind fellow stablecoin issuers Tether (USDT) and Circle (USDC) in terms of daily revenue. At press time, Circle has collected $6.12 million in fees, while Tether maintains a commanding lead with $18.31 million.
Ethena’s daily revenue surpasses that of major protocols such as PancakeSwap (CAKE), Jupiter (JUP), Meteora, Uniswap (UNI) and Tron (TRX). In the past 24 hours, PancakeSwap has gained $2.54 million in daily revenue, while Jupiter has accumulated $1.99 million. Trailing not too far behind Jupiter is Meteora with $1.89 million and Uniswap with $1.73 million.
Shortly after Ethena’s rise in the ranks, the protocol’s native token rose more than 4%. The token has reached a market cap of nearly $2 billion and a 24 hour trading volume of $282 million.
Just a day prior, Ethena allocated $200 million to BlackRock’s tokenized U.S. Treasury fund, BUIDL. Last December, the protocol launched its second stablecoin, USDtb. Backed by BUIDL, USDtb has seen a rapid increased in supply. Unlike the conventional stablecoins, USDtb produces yield which makes it an attractive investment option for investors looking to gain passive income.
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