Analysis: Ethena Moves Closer to Protocol Fee Sharing Plan, USDe Supply Reaches All-Time High of $12.43 Billion

On September 2nd, in the past month, the supply of USDe has witnessed a remarkable 42% surge and reached a historical high of $12.43 billion. The protocol revenue has also attained its highest level since the start of the year, exceeding $61 million in August. Currently, USDe ranks as the third-largest USD stablecoin, trailing only behind USDT and USDC. Additionally, Ethena has emerged as the fifth-largest DeFi protocol in terms of deposit size. The current market attention is centered on Ethena's fee conversion plan, where ENA governance token holders are soon to have the first opportunity to receive a portion of the protocol's profit. Ethena Labs had previously set three milestones that need to be fulfilled before the activation of the protocol's fee switch: - The circulating supply of USDe needs to surpass $6 billion. - The protocol's cumulative revenue needs to reach $250 million. - The USDe token must be integrated into four of the top five centralized exchanges in terms of derivatives trading volume. The first two indicators have been accomplished, with only the integration into centralized exchanges remaining.