Ethena overtakes PancakeSwap and Jupiter with $3.28m daily revenue

Ethena’s daily revenue has surpassed PancakeSwap and Jupiter, trailing only behind Tether and Circle. Following this achievement, ENA rose 4%.

According to data from DeFi Llama, Ethena ( ENA ) rose through the ranks to become the third largest protocol by daily fees. In the past 24 hours, the Ethereum ( ETH ) -based decentralized stablecoin protocol has accumulated around $3.28 million. These fees were generated from the stablecoin USDE ( USDE ).

According to data from crypto.news, USDE’s market cap stands at $5.4 billion. Meanwhile, its 24-hour trading volume has increased 23.6% from the previous day, reaching $63 million. The stablecoin has a circulating supply of 5.4 billion USDE.

However, the Ethereum-based protocol is still behind fellow stablecoin issuers Tether ( USDT ) and Circle ( USDC ) in terms of daily revenue. At press time, Circle has collected $6.12 million in fees, while Tether maintains a commanding lead with $18.31 million.

Ethena rises to the third spot by daily revenue, March 14, 2025 | Source: DeFi Llama

Ethena’s daily revenue surpasses that of major protocols such as PancakeSwap ( CAKE ), Jupiter ( JUP ), Meteora, Uniswap ( UNI ) and Tron ( TRX ). In the past 24 hours, PancakeSwap has gained $2.54 million in daily revenue, while Jupiter has accumulated $1.99 million. Trailing not too far behind Jupiter is Meteora with $1.89 million and Uniswap with $1.73 million.

Shortly after Ethena’s rise in the ranks, the protocol’s native token, ENA, gained more than 4%. The token has reached a market cap of nearly $2 billion and a 24 hour trading volume of $282 million.

Just a day prior, Ethena allocated $200 million to BlackRock’s tokenized U.S. Treasury fund, BUIDL. Last December, the protocol launched its second stablecoin, USDtb. Backed by BUIDL, USDtb has seen a rapid increased in supply. Unlike the conventional stablecoins, USDtb produces yield which makes it an attractive investment option for investors looking to gain passive income.