Ethena Labs has hit $290 million Total Protocol Revenue On July 9th, we will only track Tethers, Circles and Sky among stable publishers.
Token terminal data shows that the Stablecoin publisher reached $100 million in cumulative revenue 251 days after its launch, making it the second fastest protocol above this threshold.
Traders continued to create and hedge synthetic dollar token USDEs, resulting in an average daily fee of $3.1 million over the past month. Ecena’s path to nine-figure revenue took 251 days, faster than Uniswap’s 980-day sprint in 2020, but slower than the Memecoin LaunchPad Pump.Fun, hitting the mark in 217 days later last year.
Core revenue is generated by carrying long spots and short permanent futures positions across multiple exchanges. This is a delta neutral strategy that converts the funding rate spread into protocol revenues credited to token susude, which is acquired in protocol revenues that collect the funding rate spread.
Backend Treasury data shows that 94% of backing assets remain in centralized venues. Ecena’s autoexecution system balances collateral and hedge in real time. The remaining collateral is held in fluid tokens to earn staking rewards while maintaining neutral net exposure.
This protocol redirects 20% of the total cost to purchase ENA in the total market. This is the mechanism that has burned 58 million tokens since February, according to On-Chain Tracker.
SEC dialog for payment stablecoin status
Attorneys for Esena’s advisors, Zach Rosenberg and Morrison Cohen, met with the Securities and Exchange Commission (SEC) Cryptographic Task Force on July 1 to request clarity on “synthetic dollars” such as USDE.
The meeting memorandum released by the SEC shows that the team claimed that USDE serves as a payment instrument rather than security, as holders do not rely on the efforts of the issuer’s interests, tracking the underlying reserves of redemption rights and tracking the issuer’s balance sheet performance.
The submission cites two pending invoices, the Genius Act and the stable law. This will carve out federal license lanes for stable payment issuers. Esena told staff that it was outside both drafts as the token could fluctuate slightly around $1.
Company representatives urged the committee to treat synthetic dollars as a separate class and coordinate with bank regulators if Congress establishes a stabilizing framework for payments.
Ethena remains banned from US retail distribution due to formal guidance being held back. So, new dollar inflows arise primarily from offshore funds and market production desks that hedge exposure in centralized exchanges.
The protocol’s revenue pace slowed in May, when average permanent funds were compressed below the 8% annual rate. Still, fee intake rebounded to $3.8 million per day in early July as new long bias returned grounds to double-digit territory.
According to conference records, Ecena’s request for formal SEC feedback remains under review.
