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Analysis: Ethena Moves Closer to Protocol Fee Sharing Plan, USDe Supply Reaches All-Time High of $12.43 Billion

By: theblockbeats.news|2025/09/02 23:32:19
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BlockBeats News, September 2nd, in the past month, the USDe supply has surged by 42%, reaching a historical high of $12.43 billion. The protocol revenue has also reached its highest level since the beginning of the year, breaking $61 million in August. USDe currently ranks as the third-largest USD stablecoin, only behind USDT and USDC, while Ethena has also become the fifth-largest DeFi protocol by deposit size. The current market focus is on Ethena's fee conversion plan, where ENA governance token holders will soon have the opportunity to receive a portion of the protocol's profit for the first time.

Ethena Labs had previously established three milestones that need to be met before the protocol's fee switch is activated:

- The circulating supply of USDe needs to exceed $6 billion.

- The protocol's cumulative revenue needs to reach $250 million.

- The USDe token must be integrated into four of the top five centralized exchanges by derivatives trading volume.

The first two indicators have been achieved, with only the centralized exchange integration remaining.

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