Ethena (ENA) Surpasses PancakeSwap and Jupiter to Become the Third Largest Protocol by Daily Fees

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.