USDe

Terra

Anchor Protocol

Anchor

Ethena has become the highest-earning decentralized application (DApp) after breaching $6.8 million in daily cumulative revenue over the past week, according to a March 8 X post by Seraphim Czecker, head of growth at Ethena Labs.
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 Top projects by 7-day cumulative revenue. Source: <a href="https://twitter.com/MacroMate8/status/1766035968270709040" target="_blank" rel="noopener nofollow">Seraphim Czecker on&nbsp;&nbsp;X.</a>
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The only blockchains surpassing Ethena’s revenue were Tron, with $38.6 million, and Ethereum, with a $182.5 million daily cumulative revenue over the past seven days.
Ethena currently offers a 67.2% yield on its USDe synthetic dollar to over 350,000 users, <a href="https://www.ethena.fi/" target="_blank" rel="noopener nofollow">according</a> to its homepage. The market cap of Ethena’s USDe rose 43% over the past week and 409% over the past month to $840 million, <a href="https://defillama.com/stablecoin/ethena-usde" target="_blank" rel="noopener nofollow">according</a> to DefiLlama data.
Ethena Labs launched its USDe synthetic dollar on the public mainnet on Feb. 19. The launch <a href="https://cointelegraph.com/news/ethena-usde-27-yield-concerns">caused widespread concern</a>&nbsp;among investors, as the Ethereum-based synthetic dollar launched with a 27.6% annual percentage yield (APY), which i considerably higher than the 20% yield offered by Anchor Protocol on the TerraUSD (UST) algorithmic stablecoin before its collapse in May 2022.
The initial concerns around USDe’s yield are a sign of a maturing industry, recovering from the collapse of the Terra ecosystem, Guy Young, the founder of Ethena Labs, told Cointelegraph in an exclusive interview on Feb. 22.
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 “The immediate reference to Terra Luna was just a knee-jerk reaction which people had to the yield itself […] It’s right that people responded in the way that they have because we should be responding with skepticism and trying to work out whether [protocols] are fragile in the beginning rather than letting them get too big if they are.”
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Unlike the failed Anchor protocol, USDe’s yield is publicly verifiable, as it is generated via staking returns and shorting Ether perpetual future contracts, Young told Cointelegraph.<iframe width="100%" height="315" src="https://www.youtube.com/embed/iT7IcCZK58U" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen data-ct-non-breakable="true"></iframe>
<a href="https://cointelegraph.com/news/ethena-labs-secures-14-million-funding-synthetic-dollar">Ethena Labs secured $14 million</a> in funding for its synthetic dollar, the team disclosed on Feb. 16. The round was backed by venture capital firm Dragonfly. The startup raised $6 million in an earlier round of investment in 2023, headlined by Binance Labs, Gemini, Bybit, Mirana Ventures, OKX Ventures and Deribit. 
Related: <a href="https://cointelegraph.com/news/pantera-fundraise-buy-250-million-sol-ftx">Pantera launches fundraise to buy $250 million of SOL from FTX estate: Report</a>

Ethena becomes highest earning DApp in crypto

Cointelegraph

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