Ethena Accumulates $1.061 Billion in Fees Since Late 2023

Ethena has accumulated $1.061 billion in protocol fees since launching in late 2023, with the total reached over roughly 34 months as its USDe synthetic-dollar product approached a $4.8 billion market capitalization.

USDe is backed by collateral and perpetual futures positions rather than the reserve-based structure used by stablecoins such as USDC and USDT. Fees are generated through USDe issuance, redemptions and holdings, then distributed between stakers and ENA holders.

As of mid-October, Ethena’s total value locked stood at about $5.189 billion. The USDe product accounted for roughly $4.758 billion of that amount, while USDe’s market capitalization was approximately $4.8 billion.

Ethena’s governance token, ENA, had a market capitalization of about $3.206 billion during the same period.

The cumulative figure represents accrued protocol fees, not funds retained after operating costs. Maintaining perpetual positions, managing collateral and conducting governance activities consume part of the fees generated.

The increase extends Ethena’s previously reported growth in cumulative protocol fees, which had exceeded $800 million as of July 31.