{"id":423585,"date":"2024-06-04T12:13:11","date_gmt":"2024-06-04T11:13:11","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=423585"},"modified":"2025-12-03T12:45:40","modified_gmt":"2025-12-03T12:45:40","slug":"ethena-usde-overtakes-solana-in-revenue-hits-3-billion-market-cap","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethena-usde-overtakes-solana-in-revenue-hits-3-billion-market-cap\/","title":{"rendered":"Ethena USDe overtakes Solana in revenue, hits $3 billion market cap"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/ethena-usde\/\">Ethena Labs' USDe<\/a>, a synthetic dollar <a href=\"https:\/\/cryptoslate.com\/cryptos\/stablecoin\/\">stablecoin<\/a>, has garnered significant community adoption, propelling it to become the fourth-largest stablecoin by market capitalization.<\/p>\n<p>This achievement comes at a notable juncture, as the stablecoin surpassed the entire Solana blockchain in revenue generation within the past week.<\/p>\n<p class=\"s3\"><span style=\"color: #333333; font-size: 22px; font-weight: bold;\">USDe supply crosses $3 billion<\/span><\/p>\n<p>According to data from <em>CryptoSlate<\/em>, 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 <a href=\"https:\/\/cryptoslate.com\/coins\/first-digital-usd\/\">FDUSD<\/a> stablecoin and trails behind MakerDAO's DAI.<\/p>\n<p>Notably, USDe's market cap has exceeded the combined value of all stablecoins on the Solana blockchain. <a href=\"https:\/\/defillama.com\/stablecoins\">Data<\/a> from DeFillama indicates that the rapidly growing USDe currently accounts for approximately 2% of the overall stablecoin market share.<\/p>\n<p>Speaking on this milestone, DeFi analyst Patrick Scott <a href=\"https:\/\/x.com\/Dynamo_Patrick\/status\/1797268834174275956\">said<\/a> the focus would be on whether USDe can sustain this growth, develop deep liquidity, and further integrate into the DeFi ecosystem.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/bitmex-co-founder-believes-this-stablecoin-could-flip-tether-one-day\/\">USDe's exponential growth<\/a> can be attributed to its high yield rate of over 30% and adoption by major <a href=\"https:\/\/cryptoslate.com\/aave-considers-dropping-dai-as-collateral-over-contagion-concerns-from-makerdaos-usde-move\/\">crypto projects like MakerDAO<\/a> and the Bybit exchange. However, some market experts have <a href=\"https:\/\/cryptoslate.com\/experts-worry-ethenas-bitcoin-backing-strategy-for-usde-could-bring-contagion-risks\/\">criticized USDe's incorporation of Bitcoin<\/a> as a backing asset for its synthetic dollar, expressing concerns about potential contagion risk for the broader market.<\/p>\n<h2>Revenue generation<\/h2>\n<p>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.<\/p>\n<p>Notably, the Token Terminal data <a href=\"https:\/\/x.com\/leptokurtic_\/status\/1797592109995933901\">shared<\/a> by Ethena founder Guy Young on X showed that only Tron and Ethereum outperformed the DApp's revenue generation.<\/p>\n<figure id=\"attachment_423636\" aria-describedby=\"caption-attachment-423636\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-423636\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/06\/GPJUf1AbQAAMVWC.png\" alt=\"Ethena USDe revenue generation\" width=\"900\" height=\"796\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/06\/GPJUf1AbQAAMVWC.png 900w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/06\/GPJUf1AbQAAMVWC-300x265.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/06\/GPJUf1AbQAAMVWC-768x679.png 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-423636\" class=\"wp-caption-text\">Crypto projects revenue generation (Source: X\/Leptokurtic_)<\/figcaption><\/figure>\n<p>This remarkable achievement lends credence to the prediction made by Token Terminal <a href=\"https:\/\/x.com\/tokenterminal\/status\/1796953604013609146\">that<\/a> Ethena is on track to generate a staggering $222.5 million in revenue over the next 12 months.<\/p>\n<p>Jos\u00e9 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 <a href=\"https:\/\/medium.com\/@zemacedo\/ethena-thesis-the-internet-bond-a89ba5d00fb9\">said<\/a>:<\/p>\n<blockquote><p>&#8220;USDe will become the largest stablecoin outside of USDC\/USDT in 2024. Ethena will become the highest revenue-generating project in all of crypto.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Ethena Labs&#8217; 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 [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":423588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,77968,32631],"tags":[79342,78823,75380,76988,79343],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethena USDe overtakes Solana in revenue, hits $3 billion market cap<\/title>\n<meta name=\"description\" content=\"Ethena Labs&#039; USDe becomes fourth-largest stablecoin with over $3 billion market cap, surpasses Solana in revenue\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethena-usde-overtakes-solana-in-revenue-hits-3-billion-market-cap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethena USDe overtakes Solana in revenue, hits $3 billion market cap\" \/>\n<meta property=\"og:description\" content=\"Ethena Labs&#039; USDe becomes fourth-largest stablecoin with over $3 billion market cap, surpasses Solana in revenue\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ethena-usde-overtakes-solana-in-revenue-hits-3-billion-market-cap\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-04T11:13:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-03T12:45:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/06\/ethena-stablecoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ethena-usde-overtakes-solana-in-revenue-hits-3-billion-market-cap\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ethena-usde-overtakes-solana-in-revenue-hits-3-billion-market-cap\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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