Ethena overtakes PancakeSwap and Jupiter with $3.28m daily revenue

According to Crypto.News, USDE has a market capitalization of $5.4 billion, rising through the ranks to become the base decentralized stablecoin, according to DeFi Llama. Meanwhile, its 24-hour trading volume rose 23.6% from the previous day to reach $63 million. The stablecoin has 5.4 billion USDE in circulation.

However, it trails Ethereum and Circle in terms of daily revenue. As of press time, Circle had collected $6.12 million in fees, while Tether remains the leader with $18.31 million.

Athena's daily revenue is higher than Jupiter, Meteora, and Ethereum. Over the past 24 hours, PancakeSwap has generated $2.54 million in daily revenue, while Jupiter has earned $1.99 million. Far behind Jupiter are Meteora with $1.89 million and Uniswap with $1.73 million.

Shortly after Athena climbed up the rankings, the protocol's native token, ENA, increased by more than 4%. The token's market capitalization has reached nearly $2 billion and 24-hour trading volume of $282 million.

Just a day earlier, Athena pledged $200 million to BlackRock's US Treasury token fund, BUIDL. Last December, the protocol launched its second stablecoin, USDtb. USDtb saw its supply grow rapidly upon receiving encouragement from BUIDL. Unlike regular stablecoins, USDtb generates income, making it an attractive investment option for investors looking to earn passive income.