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Key Takeaways
- Ethena Labs’ dApp, Ethena, emerges as the top-earning decentralized application, with a weekly revenue of $6.8 million, only trailing Tron and Ethereum.
- USDe, Ethena’s synthetic dollar, boasts a significant yield of 67.2% for its users, contributing to a remarkable increase in its market cap to $840 million.
- The project has overcome initial skepticism related to high yields.
Ethena has swiftly risen to become the leading decentralized application (dApp) in terms of earnings, surpassing other dApps with a remarkable $6.8 million in daily cumulative revenue over the past week.
This achievement marks a pivotal moment for Ethena Labs and its USDe synthetic dollar, signaling robust growth and widespread acceptance within the crypto community.
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Seraphim Czecker, Ethena Labs’ Head of Growth, announced in an X post that Ethena has outperformed every other dApp in daily revenue, with only Tron and Ethereum ahead in the entire crypto ecosystem.
This notable success comes as Ethena’s USDe synthetic dollar offers an impressive 67.2% yield to its rapidly expanding user base of over 350,000 individuals.
The surging interest and confidence in Ethena are reflected in the substantial 43% week-over-week and 409% month-over-month growth in the market cap of USDe, now standing at $840 million. This growth trajectory underscores Ethena’s increasing significance and potential within the DeFi sector.
Ethena is setting new benchmarks for success and stability in the volatile DeFi landscape. With a solid foundation and growing community support, Ethena is poised for continued growth and influence in the crypto market.
Launched on February 19, USDe has navigated initial investor skepticism, drawing comparisons to similar models, which ultimately collapsed.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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